QUESTION 11 Weekly sales have a mean of $1,500 and a standard deviation of $200. Weekly profits are calculated by multiplying sales by 40% and subtracting fixed costs of $300. Find the variance of weekly profits. O Var [Weekly profit] = $ 8,640 O Var [Weekly profit] = $ 80 O Var [Weekly profit] = $ 6,480 O Var [Weekly profit] = $ 6,400
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.
![QUESTION 11
Weekly sales have a mean of $1,500 and a standard deviation of $200. Weekly profits are calculated by multiplying sales by 40% and subtracting fixed
costs of $300. Find the variance of weekly profits.
O Var [Weekly profit] = $ 8,640
O Var [Weekly profit] = $ 80
O Var [Weekly profit] = $ 6,480
O Var [Weekly profit] = $ 6,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4eb88ca4-e2c7-4b4b-a7b7-13b8c44297a0%2F8eb51056-ba69-47ba-b3e7-9f8a11aaf162%2Fg78wxla_processed.jpeg&w=3840&q=75)
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