5. Listed below are the values (in dollars) that a random sample of Americans spent on fast food per month. a. Construct a 99% confidence interval of the mean value of money spent on fast food by all Americans. 100 156 67 41 78 62 112 120 70 42 89 85 96 97 11 56 100 98 80 98 20 64 101 100 15 71 35 72 121 74 b. Interpret these results with respect to the amount Americans spend on fast food.
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.
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