Suppose the auctioneer in sold a herd of cattle whose minimum weight was 980 pounds, median was 1140 pounds, standard deviation 84 pounds, and IQR 102 pounds. They sold for 40 cents a pound, and the auctioneer took a $20 commission on each animal. Then, for example, a steer weighing 1100 pounds would net the owner 0.40(1100) - 20 = +420. Find the minimum Find the median Find the standard deviation Find the IQR of the net sale prices
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.
. Suppose the auctioneer in sold a herd of cattle whose minimum weight was 980 pounds, median was 1140 pounds, standard deviation 84 pounds, and IQR 102 pounds. They sold for 40 cents a pound, and the auctioneer took a $20 commission on each animal. Then, for example, a steer weighing 1100 pounds would net the owner 0.40(1100) - 20 = +420.
Find the minimum
Find the median
Find the standard deviation
Find the IQR of the net sale prices
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