se a guide book gives a certain car a retail value of $18,000. The table below shows asking prices, in dollars, for a sample of the same car model and year. At the 1% significance level, do the data provide sufficient evidence to conclude that the mean asking price of the car is less than the listed retail value? 16,653 16,022 16,173 15,876 15,784 15,665 18,683 13,446 15,522 15,795 Determine the test stati
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.
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16,653
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16,022
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16,173
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15,876
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15,784
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|
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15,665
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18,683
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13,446
|
15,522
|
15,795
|
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