The bar graph shows the average cost of tuition and fees at private four-year colleges in a particular country. Below are two mathematical models for the data shown in the graph. In each formula, T represents the average cost of tuition and fees at private colleges for the school year ending x years after 2000. Answer parts a and b. Average Cost of Tuition and Fees at Private Four Year Coleges 2000 2001 20022003 2004 2005 2006 2007 Model 1 T=974x + 15,223 Model 2 T= - 2.1x + 988x + 15,208 a. Use each model to find the average cost of tuition and fees at private colleges for the school year ending in 2003. By how much does each model underestimate or overestimate the actual cost shown for the school year ending in 2003? The average cost given by model 1 is $ (Round to the nearest dollar.)
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.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images