You want to estimate the percentage of a population which has a wage below $15 an hour.
Question:
You want to estimate the percentage of a population which has a wage below $15 an hour.
You consider three approaches.
(a) Estimate a normal distribution by MLE. Use the percentage of the fitted normal distribution below
$15.
(b) Estimate a log-normal distribution by MLE. Use the percentage of the fitted normal distribution below $15.
(c) Estimate the empirical distribution function at $15. Use the EDF estimate.
Which method do you advocate. Why?
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