Janet is planning to rent a booth at a festival for a day to sell clothes that she has made. She sells jackets for $202 and skirts for $138. Her past experiences suggests that sales of jackets will have a mean of 7.7 with a standard deviation of 1.7 and sales of skirts will have a mean of 11.7 with a standard deviation of 2.6. The cost of renting the booth for the day is $233. What are the mean and standard deviation of her net income? (Hint: you should first define random variables and use them to express her net incomel O A. u= $2937, a= $496.65 O B. p= $3170, a = $38.94 OC. u= $3170, a = $496.65 O D. p= $2937, a = $3170 OE. p= $2937, a = $38.94
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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Janet is planning to rent a booth at a festival for a day to sell clothes that she has made. She sells jackets for $202 and skirts for $138. Her past experiences suggests that sales of jackets will have a mean of 7.7 with a standard deviation of 1.7.
and sales of skirts will have a mean of 11.7 with a standard deviation of 2.6. The cost of renting the booth for the day is $233. What are the mean and standard deviation of her net income? (Hint: you should first define random variables and use
them to express her net income]
O A. u= $2937, G = $496.65
O B. u= $3170, o = $38.94
O C. u= $3170, o = $496.65
O D. u= $2937, o = $3170
O E. µ= $2937, a = $38.94
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