Incomes The mean household income in the U.S. in 2014 was about $72,641 and the standard deviation
Question:
Incomes The mean household income in the U.S. in 2014 was about $72,641 and the standard deviation was about $85,000. (The median income was $51,939.) If we used the Normal model for these incomes,
1. What would be the household income of the top 1%?
2. How confident are you in the answer in part a?
3. Why might the Normal model not be a good one for incomes?
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a According to the Normal model the household income of th...View the full answer
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Related Book For 
Stats Data And Models
ISBN: 9780135163825
5th Edition
Authors: Richard D De Veaux, Paul F Velleman, David E Bock
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