Several surveys in the United States and Europe have asked people to rate their happiness on a scale of 3 = "very happy," 2 = "fairly happy," and 1 = "not too happy," and then tried to correlate the answer with the person's income. For those in one income group (making $25,000 to $55,000) it was found that their "happiness" was approximately given by y = 0.065x − 0.613, where x is in thousands of dollars.† Find the reported "happiness" of a person with the following incomes (rounding your answers to one decimal place). (a) $25,000 b) $30,000 c) $45,000
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.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
