How do I draw a normal model if I have a mean of some dollar amount like 60 and a standard deviation of 10. I thought the mean in the curve was always 0. I thought at the bottom of the curve you put 0 in the middle with 1, 2, 3 on both sides for the SD. How do you plug in the numbers
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
How do I draw a normal model if I have a
Introduction:
The empirical rule for a normally distributed random variable is as follows:
- Approximately 68% of the data lie within the 1-standard deviation interval of the mean;
- Approximately 95% of the data lie within the 2-standard deviation interval of the mean;
- Approximately 99.7% of the data lie within the 3-standard deviation interval of the mean.
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