The following data show the results of random sample of 10 batches of one pattern of product: Sample Batch Size X Support Costs Y 1 10 10$ 2 12 15 3 15 20 4 20 22 5 10 15 6 25 25 7 20 30 8 12 10 9 15 20 10 30 30 Calculate: Using High and Low method and predict Variable cost and fixed cost of the above information.
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 following data show the results of random sample of 10 batches of one pattern of product:
|
Sample |
Batch Size X |
Support Costs Y |
|
1 |
10 |
10$ |
|
2 |
12 |
15 |
|
3 |
15 |
20 |
|
4 |
20 |
22 |
|
5 |
10 |
15 |
|
6 |
25 |
25 |
|
7 |
20 |
30 |
|
8 |
12 |
10 |
|
9 |
15 |
20 |
|
10 |
30 |
30 |
Calculate:
Using High and Low method and predict Variable cost and fixed cost of the above information.
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