Answered: The following table shows the price of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

The following table shows the price of a text book for quantitive methods in

different stores in Zambia:

Sorted prices for a text book

k113 k120 k123 k126 k128 k129 k136 k139 k142 k143

k145 k146 k147 k152 k153 k153 k159 k161 k163 k165

k166 k166 k167 k169 k169 k170 k172 k180 k183 k199

Assuming the prices are normally distributed;

(i) Find the mean of the prices

(ii) Find the standard deviation of the prices

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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