QUADRATIC EQUATIONS: Tickets to a school dance cost $10, and the projected attendance is 300 people. For every $0.50 decrease in the ticket price, the dance committee projects that attendance will increase by 20 people. a) What ticket price will maximize revenue? b) How many people will attend at the new ticket price? c) What is the maximum revenue the school will earn? (*please type answer*, or write VERY clear, thanks :) )
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.
Tickets to a school dance cost $10, and the projected attendance is 300 people. For every $0.50 decrease in the ticket price, the dance committee projects that attendance will increase by 20 people.
a) What ticket price will maximize revenue?
b) How many people will attend at the new ticket price?
c) What is the maximum revenue the school will earn?
(*please type answer*, or write VERY clear, thanks :) )
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