Year CPI Year CPI 18.0 | 1980 1950 24.1 1945 82.4 1985 107.6 1955 26.8 1990 130.7 1960 29.6 1995 152.4 1965 31.5 2000 172.2 1970 38.8 2005 185.3 1975 53.8 2009 214.5
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.
. Consumer Prices The data in the table give the consumer price index (CPI) for selected years from 1945
to 2009.
a. Create a
the number of years after 1945.
b. What type of
data? Find the equation of that function. Round
the coefficient of the cubic term to five decimal
places.
c. Use the function to estimate the CPI in 2015.
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