The president of a major housing construction firm reports that the number of construction jobs (in millions) created is given by N(x)=1.42x where x denotes the number of housing starts. Suppose the number of housing starts in the next t months is expected to be x(t)= 7(t+10)^2 / (t+10)^2+2(t+15)^2 million units/year. a) Find an expression for the number of jobs created per month in the next t months. b)How many jobs will have been created 6 months from now? 12 months from now?
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 president of a major housing construction firm reports that the number of construction jobs (in millions) created is given by N(x)=1.42x where x denotes the number of housing starts. Suppose the number of housing starts in the next t months is expected to be x(t)= 7(t+10)^2 / (t+10)^2+2(t+15)^2 million units/year.
a) Find an expression for the number of jobs created per month in the next t months.
b)How many jobs will have been created 6 months from now? 12 months from now?
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