To find the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata, we can use the formula for the z-score, which is (X - μ) / σ, where X is the data point, μ is the mean, and σ is the standard deviation.

Step 1: Calculate the z-score for the price in Kolkata.
Zkolkata = (70 - 65) / 2.5 = 2

This means that the price of Rs.70 in Kolkata is 2 standard deviations above the mean price in Kolkata.

Step 2: Use the correlation coefficient to find the z-score in Mumbai.
Zmumbai = correlation coefficient * Zkolkata = 0.8 * 2 = 1.6

This means that the most likely price in Mumbai is 1.6 standard deviations above the mean price in Mumbai.

Step 3: Convert the z-score back to the price in Mumbai.
Price in Mumbai = Zmumbai * σmumbai + μmumbai = 1.6 * 3.5 + 67 = 72.6

So, the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata is approximately Rs.72.6.

Question

To find the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata, we can use the formula for the z-score, which is (X - μ) / σ, where X is the data point, μ is the mean, and σ is the standard deviation.

Step 1: Calculate the z-score for the price in Kolkata. 
Zkolkata = (70 - 65) / 2.5 = 2

This means that the price of Rs.70 in Kolkata is 2 standard deviations above the mean price in Kolkata.

Step 2: Use the correlation coefficient to find the z-score in Mumbai. 
Zmumbai = correlation coefficient * Zkolkata = 0.8 * 2 = 1.6

This means that the most likely price in Mumbai is 1.6 standard deviations above the mean price in Mumbai.

Step 3: Convert the z-score back to the price in Mumbai. 
Price in Mumbai = Zmumbai * σmumbai + μmumbai = 1.6 * 3.5 + 67 = 72.6

So, the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata is approximately Rs.72.6.

Knowee AI · Accepted Answer

To find the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata, we can use the formula for the z-score, which is (X - μ) / σ, where X is the data point, μ is the mean, and σ is the standard deviation.

Step 1: Calculate the z-score for the price in Kolkata. 
Zkolkata = (70 - 65) / 2.5 = 2

This means that the price of Rs.70 in Kolkata is 2 standard deviations above the mean price in Kolkata.

Step 2: Use the correlation coefficient to find the z-score in Mumbai. 
Zmumbai = correlation coefficient * Zkolkata = 0.8 * 2 = 1.6

This means that the most likely price in Mumbai is 1.6 standard deviations above the mean price in Mumbai.

Step 3: Convert the z-score back to the price in Mumbai. 
Price in Mumbai = Zmumbai * σmumbai + μmumbai = 1.6 * 3.5 + 67 = 72.6

So, the most likely price in Mumbai corresponding to the price of Rs.70 in Kolkata is approximately Rs.72.6.

Question

Solution

Similar Questions

Upgrade your grade with Knowee