The average price of a college math textbook is $151 and the standard deviation is $26. Suppose that 42 textbooks are randomly chosen. Round all answers to 4 decimal places where possible. For the group of 42, find the probability that the average price is between $149 and $155. Find the first quartile for the average textbook price for this sample size. $ (round to the nearest cent)
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.
The average price of a college math textbook is $151 and the standard deviation is $26. Suppose that 42 textbooks are randomly chosen. Round all answers to 4 decimal places where possible.
- For the group of 42, find the
probability that the average price is between $149 and $155. - Find the first
quartile for the average textbook price for thissample size . $ (round to the nearest cent)
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