Find the (a) mean, (b) median, (c) mode, and (d) midrange for the data and then (e) answer the given questions. Listed below are selling prices (dollars) of TVs that are 60 inches or larger and rated as a "best buy" by a popular magazine. Are the resulting statistics representative of the population of alI TVs that are 60 inches and larger? If you decide to buy one of these TVs, what statistic is most relevant, other than the measures of central tendency? 1700 1900 1250 1900 1950 1000 1900 1150 1000 1400 1900 1300 - The mean is $ (Type an integer or a decimal rounded to one decimal place as needed.) b. Find the median. The median is $: (Type an integer or a decimal rounded to one decimal place as needed.) c. Find the mode. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. O A. The mode(s) is(are) $ (Type an integer or a decimal. Do not round. Use a comma to separate answers as needed.) O B. There is no mode. d. Find the midrange. The midrange is S (Type an integer or a decimal rounded to one decimal place as needed.) e. Are the resulting statistics representative of the population of all TVs that are 60 inches and larger? Choose the best answer below. O A. Since the sample is random and the sample size is greater than 10, the sample should not be considered to be representative of the population. O B. The sample consists of the "best buy" TVs, so it is a random sample and is likely to be representative of the population.
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.
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