In recent days online version of different toys are receiving popularity among the customers. Ambroid has a certain online toy. They find out from 25 different outlets that average price of their product is 162.5 rupees. At the same time, they also obtain the average price of a similar product from a competitor company. They found that the average price of a similar product from their competitor is 168.9 rupees from 19 different outlets. The sample standard deviation of the Ambroid’s product comes out as 5.4 rupees, whereas the same for their competitor is 3.8 rupees. Do you think that Ambroid sells the product on an average at a lesser price than its competitor? Also, construct a 95% interval estimate for the difference of population average price?
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!
In recent days online version of different toys are receiving popularity among
the customers. Ambroid has a certain online toy. They find out from 25 different outlets that average price of their product is 162.5 rupees. At the same time, they also obtain the average price of a similar product from a competitor company. They found that the average price of a similar product from their competitor is 168.9 rupees from 19 different outlets. The sample standard deviation of the Ambroid’s product comes out as 5.4 rupees, whereas the same for their competitor is 3.8 rupees. Do you think that Ambroid sells the product on an average at a lesser price than its competitor? Also, construct a 95%
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