Weekly sales have a mean of $1,500 and a standard deviation of $200. Weekly profits are calculated by multiplying sales by 40% and subtracting fixed costs of $300. Find the mean weekly profit. O E [Weekly profit] = $ 150 O E [Weekly profit] = $ 300 O E [Weekly profit] = $ 600 O E [Weekly profit] = $ 0
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.
![QUESTION 14
Weekly sales have a mean of $1,500 and a standard deviation of $200. Weekly profits are calculated by multiplying sales by 40% and subtracting fixed
costs of $300. Find the mean weekly profit.
O E [Weekly profit] = $ 150
O E [Weekly profit] = $ 300
O E [Weekly profit] = $ 600
O E [Weekly profit] = $0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4eb88ca4-e2c7-4b4b-a7b7-13b8c44297a0%2F330ea659-c007-4d9b-8b46-cdbd39805be5%2Furtll1e_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
