Table 3: The price of the car depreciates with its age 3 2 9. 1 4 6. 10 Age Price 2.2 2.5 3.5 1.0 4.0 1.5 1.8 0.7 i. Construct a scatter diagram for these data. Does the scatter diagram exhibit a linear relationship between ages and prices of cars? Explain. i. Compute and display the regression line with price as a dependent variable and age as an independent variable in the diagram from question 2 (1). Predict the price of a 7.5-year-okd cars model from the computed regression in IIL question 2(i).
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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