The following sample contains values of the price and quantity sold of a particular commodity. Use quantity sold as the dependent variable Y. Price (X) 6.00 3.00 7.00 1.00 2.00 8.00 Quantity sold (Y) 53 67 48 76 70 28 ∑x=27, ∑y=342, ∑x2=163, ∑xy=1295,∑y2= 21062, n=6. b) Predict the number of quantities sold for the commodity whose price is $5.00.
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 sample contains values of the price and quantity sold of a particular commodity. Use quantity sold as the dependent variable Y.
|
Price (X) |
6.00 |
3.00 |
7.00 |
1.00 |
2.00 |
8.00 |
|
Quantity sold (Y) |
53 |
67 |
48 |
76 |
70 |
28 |
∑x=27, ∑y=342, ∑x2=163, ∑xy=1295,∑y2= 21062, n=6.
b) Predict the number of quantities sold for the commodity whose price is $5.00.
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