Ritais considering moving to Little Rapids for a new job. During hersearch for a house, she discovered that the prices in Little Rapidsare in the 45thpercentile compared to other cities in the state. She finds her dream house listed for $275,000. a.Are the prices in Little Rapids higher or lowerthan the median pricefor cities in the area? b.Rita ended up taking adifferentjob in Big River, and the house prices there are in62thpercentile. Are the prices in Big River generally higher or lower than the house prices in Little Rapids? c.Rita made an offer ona house she likes in Big River. What is the price of the house?
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.
Ritais considering moving to Little Rapids for a new job. During hersearch for a house, she discovered that the prices in Little Rapidsare in the 45thpercentile compared to other cities in the state. She finds her dream house listed for $275,000.
a.Are the prices in Little Rapids higher or lowerthan the median pricefor cities in the area?
b.Rita ended up taking adifferentjob in Big River, and the house prices there are in62thpercentile. Are the prices in Big River generally higher or lower than the house prices in Little Rapids?
c.Rita made an offer ona house she likes in Big River. What is the price of the house?
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