A market researcher finds the price of several brands of fabric softener. What is the level of measurement of the data?
1 answer:
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Answer:
1 - NORM.DIST(625, 600, 15 ,TRUE)
Step-by-step explanation:
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In Excel:
We use the norm.dist command.
NORM.DIST(x, mean, standard_dev ,cumulative)
x is the tested value, mean and standard_dev are the mean and the standard deviation, while cumulative we use true to find a probability of a value lower than x, so for a value higher than x, we use:
1 - NORM.DIST(x, mean, standard_dev ,TRUE)
Mean of 600 copies and a standard deviation of 15 copies.
mean = 600, standard_dev = 15
You want to find the probability of selling more than 625 newspapers on any given day.
x = 625
What is the Excel Command
1 - NORM.DIST(625, 600, 15 ,TRUE)