Winston has just gone grocery shopping. The mean cost for each item in his bag was $3.48. He bought a total of 9 items, and the prices of 8 of those items are listed below: $2.75,$4.06,$3.16,$3.92,$4.29,$2.77,$3.01,$4.57 Determine the price of the 9th item in his bag.
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.
Winston has just gone grocery shopping. The
$2.75,$4.06,$3.16,$3.92,$4.29,$2.77,$3.01,$4.57
Determine the price of the 9th item in his bag.
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