The number of consumers purchasing a particular item on a given day is found to be uniform over the range (16,28). What is the mean daily number of consumers purchasing the item? What percentage of the time will there be more than 25 purchases? Less than 18?
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 number of consumers purchasing a particular item on a given day is found to be uniform over the
Step by step
Solved in 3 steps with 4 images
