You may need to use the appropriate technology to answer this question. A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years. Current Year Previous Year 345 315 526 475 420 474 216 206 285 263 405 432 635 585 710 650 605 545 517 547 570 496 610 580
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.
| Current Year |
Previous Year |
|---|---|
| 345 | 315 |
| 526 | 475 |
| 420 | 474 |
| 216 | 206 |
| 285 | 263 |
| 405 | 432 |
| 635 | 585 |
| 710 | 650 |
| 605 | 545 |
| 517 | 547 |
| 570 | 496 |
| 610 | 580 |
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