Suppose that we want to conduct a 98% confidence test about whether 2020 May growing prices are higher than the historical average based on the data in exhibit 2. Assuming that May 2020 growing prices are $7.30, which of the following best represents the implications of this hypothesis test? while prices are higher in absolute terms, they do not represent a significant departure from historical averages we are moderately confident that prices are higher in 2020 May 2020 prices are statistically lower than historical May prices O we are 98% sure that prices are statistically higher than historical averages

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A:

Q: Make a Box plot for each data interpreter answer. A. Data a: 2,3,6,4,6,7,8,10

A: Given data: 2,3,6,4,6,7,8,10

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Q: Find the 5 number summary for the data shown. 2 3 5 9 26 | 43 46 68 72 86 87 92 95 5 number summary:

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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.