Building Area (ft2) Cost ($) 1 14,500 800,000 825,000 875,000 2 15,000 3 17,000 4 18,500 20,400 972,000 5 1,074,000 1,250,000 1,307,000 1,534,000 1,475,500 1,525,000 21,000 7 25,000 8 26,750 28,000 10 30,000
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.
The cost of building a supermarket is related to the total area of the building. Data for the last 10 supermarkets built for Regork, Inc., are shown in the
accompanying table. Solve, a. Develop a CER for the construction ofsuper markets. Use the CER to estimate the cost of Regork’s next store, which has a planned area of 23,000 square feet. b. Compute the standard error and
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