Alejandro is selling HDMI cables on eBay, and is trying to determine the best price to sell at. For the last 10 weeks, he has adjusted his price slightly each week and tracked the number of cables he sold. He plotted the results, and drew a line he feels fits the data well. 250 200 150 100 50 3 3.25 3.5 3.75 4 4.25 4.5 4.75 Price (S) a) The line of best fit passes through the points (3.50, 230) and (4.75, 180). Find an equation for the line. Use variables: p for price in dollars, and Q for quantity of cables sold. y=40x+90 Preview b) Using this model, predict the number of cables Alejandro would sell at a price of $3.65, to the nearest whole cable. 236 * cables Quantity Sold
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.
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