Consider the current active properties (for sale) in a small town. Property #1 … $350,000 Property #2 … $370,000 Property #3 … $310,000 Property #4 … $1,200,000 Property #5 … $335,000 (a) What is the mean sale price? (b)What is the median sale price?
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.
Consider the current active properties (for sale) in a small town.
Property #1 … $350,000
Property #2 … $370,000
Property #3 … $310,000
Property #4 … $1,200,000
Property #5 … $335,000
(a) What is the mean sale price?
(b)What is the median sale price?
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