Disposable Personal Income (billions of U.S. dollars) & At the end oN 201 the US Nureau of onomi Analsis psted the olowing data n the US dipsale peronal income by month or the tirst II months of that year as indicated in this table a Without making a scatter plot, what trend do vou see in the data? A Draw a satter plot. Describe the correlation Month 13265.6 2. 13315.8 3 13304.6 13352 4 5. 13429 3 . Based on the trend, scatter plot, and correlation, what might you predict the personal incme level was in December 2015t 13352.5 7. 13407.8 13456 13477.1
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.
At the end of 2015, the US Bureau of Economics Analysis posted the following data on the U.S disposable personal income by month for the 11 months of the year as indicated in this table
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
