Black Friday - the annual shopping tradition the day after Thanksgiving - is often the day which puts retailers "in the black." According to a CNN Money report, consumers spent an average of $381.23 on Black Friday in 2010 with a standard deviation of $238.70. a. Draw and label a normal curve that would be used to describe the Black Friday expenditures. Based on the values calculated, would it be reasonable to assume the money spent is normally distributed? b. Describe the sampling distribution of the sample mean Black Friday expenditure when samples of size 66 are selected (give the mean and standard deviation of x̄). c. Using the information from part b, the shape of the distribution of y-bar is _________ (normally distributed/not normally distributed) because _________ (the sample size is large/the sample size is not large/the population of expenditures is normally distributed/the population of expenditures is not normally distributed)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Black Friday - the annual shopping tradition the day after Thanksgiving - is often the day which puts retailers "in the black." According to a CNN Money report, consumers spent an average of $381.23 on Black Friday in 2010 with a standard deviation of $238.70.
a. Draw and label a normal curve that would be used to describe the Black Friday expenditures. Based on the values calculated, would it be reasonable to assume the money spent is
b. Describe the sampling distribution of the sample
c. Using the information from part b, the shape of the distribution of y-bar is _________ (normally distributed/not normally distributed) because _________ (the
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