Weight 1.897 Cost 53.6 3.019 184.9 0.453 6.4 0.988 23.5 1.058 33.4 2.1 110.4 2.387 104.6 People at SpaceX Inc conducted a pilot study to determine the relationship between the weight and cost of a major object being sent into space. The results of the pilot study are contained in data file ASP.1, available in the LBRT #2 folder. Determine the number of observations needed to be 89% confident that the estimate of the average cost is within $15 of the overall mean cost. Note: Assume that the pilot study standard deviation is a good estimate of the population standard deviation, that an appropriate value from the Z-table can be used, and that hand calculations are used to find the answer (i.e. do not use Kaddstat).
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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