What type of problem is this what is the formula to solve it? The average American consumer in 2018 spent $7,923 on food and drink. Assume the amount spent is normally distributed and that the standard deviation is $1,592. What percentage of Americans in 2018 spent more than $9,000 on food and drink? Enter your answer as a number rounded to three decimal places, e.g. 0.951
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.
What type of problem is this what is the formula to solve it?
The average American consumer in 2018 spent $7,923 on food and drink. Assume the amount spent is
Given:
Let X be the random variable representing amount spent on food and drink
Mean =7923
Standard deviation =1592
X~ Normal (7923, )
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