The average production cost for major movies is 61 million dollars and the standard deviation is 21 million dollars. Assume the production cost distribution is normal. Suppose that 17 randomly selected major movies are researched. Answer the following questions. Round all answers to 4 decimal places where possible. For the group of 17 movies, find the probability that the average production cost is between 62 and 66 million dollars. For part d), is the assumption of normal necessary? YesNo
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 production cost for major movies is 61 million dollars and the standard deviation is 21 million dollars. Assume the production cost distribution is normal. Suppose that 17 randomly selected major movies are researched. Answer the following questions. Round all answers to 4 decimal places where possible.
- For the group of 17 movies, find the
probability that the average production cost is between 62 and 66 million dollars. - For part d), is the assumption of normal necessary? YesNo
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