QUESTION 3 Assume you get a new job as a coach for a sports team, and one of your first decisions is to choose the sports drink that the team will use during practices and games. You obtain a Sports Report magazine so you can use your statistical background to help you make the best decision. The following table lists the most popular sports drinks and some important information about each of them. Answer the following questions about the table. a) Compute the mean cost per container, and create a 90% confidence interval about that mean. Do all the costs per container fall inside the confidence interval? If not, which ones do not? b) If cost is a major factor influencing your decision, would you consider cost per container or cost per serving? p/s: The table is below
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 3
Assume you get a new job as a coach for a sports team, and one of your first decisions is to choose the sports drink that the team will use during practices and games. You obtain a Sports Report magazine so you can use your statistical background to help you make the best decision. The following table lists the most popular sports drinks and some important information about each of them. Answer the following questions about the table.
a) Compute the mean cost per container, and create a 90% confidence interval about that mean. Do all the costs per container fall inside the confidence interval? If not, which ones do not?
b) If cost is a major factor influencing your decision, would you consider cost per container or cost per serving?
p/s: The table is below
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