How many standard deviation above or below the average guitar cost is the guitar?
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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A music school has budgeted to purchase 3 musical instruments. They plan to purchase a
piano costing $3,000, a guitar costing $650, and a drum set costing $750. The mean cost
for a piano is $4,000 with a standard deviation of $2,000. The mean cost for a guitar
is $550 with a standard deviation of $250. The mean cost for drums is $1050 with a
standard deviation of $100. (Enter your answers to two decimal places.)
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How many standard deviations above or below the average guitar cost is the guitar?
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