Prior to the virus outbreak in Maine, a pound of flour cost 75 cents. You sample 112 grocery stores and find that the average cost is X-bar = 88 cents with a standard deviations = 9 cents. You want to see if this is significantly higher than the cost before the outbreak, so you test the following hypotheses: Ho: µ s 75 and Ha: µ > 75. What is the standard error of the mean? Round your answer to three decimal places. In this problem, do not convert the cents to decimal format.
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.
Step by step
Solved in 2 steps with 2 images
