system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to thepawnbroker had increased to 658 per day (Bloomberg Businessweek, March 5–March 11,2012). Assume the number of people bringing items to the pawnshop per day in 2012 isnormally distributed with a mean of 658.a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to thepawnshop. what is the standard deviation of the number of people bringing items tothe pawnshop per day?b. On any given day, what is the probability that between 600 and 700 people bring itemsto the pawnshop?c. how many people bring items to the pawnshop on the busiest 3% of days?
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.
system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris pawnbroker; the number of people bringing items to the
pawnbroker had increased to 658 per day (Bloomberg Businessweek, March 5–March 11,
2012). Assume the number of people bringing items to the pawnshop per day in 2012 is
normally distributed with a mean of 658.
a. Suppose you learn that on 3% of the days, 610 or fewer people brought items to the
pawnshop. what is the standard deviation of the number of people bringing items to
the pawnshop per day?
b. On any given day, what is the
to the pawnshop?
c. how many people bring items to the pawnshop on the busiest 3% of days?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 5 images
