During a recent year the average cost of making a movie was $54.8 million. This year a random sample of 15 recent action movies had an average production cost of $62.3 million with a variance of $90.25 million. At the 0.05 level of significance what is the margin of error? Round your answer to two decimal places. Select one: A. 3 B. 10.11 C. 6.77 D. 5.26
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.
During a recent year the average cost of making a movie was $54.8 million. This year a random sample of 15 recent action movies had an average production cost of $62.3 million with a variance of $90.25 million. At the 0.05 level of significance what is the margin of error? Round your answer to two decimal places.
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