a) What is the mean price for a room on that day (calculated from what the 25 customers paid for their room)? b) What is the coefficient of variation?
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 manager of a small but popular hotel on Paradise Island is doing statistics on his last day of business. Occupancy and service being equal, rooms with view on the beach and rooms with view on the swimming
pool are charged $250 and $150, respectively. Yesterday, he had 10 customers for a beach-view room and 15 customers for a swimming pool-view room.
a) What is the mean price for a room on that day (calculated from what the 25 customers paid for their room)?
b) What is the coefficient of variation?
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