Lab 2 - Part 1 Peter had mentioned in the meeting that he thought incomes in the state could be approximated by a normal distribution and that mean per capita income was about $33,000 with a standard deviation of nearly $9,000. The governor was expecting a memo in his office by 3:00 p.m. that afternoon with answers to his questions. Discussion Questions: 1. Assuming that incomes can be approximated using a normal distribution with the specified mean and standard deviation, calculate the income that cut off the bottom 10% of incomes. 2. Assuming that incomes can be approximated using a normal distribution with the specified mean and standard deviation, calculate the middle 95% of incomes. Hint: This requires calculating two values. 3. Write a short memo describing your results and how they were obtained. Your memo should clearly state the income that would disqualify people from the program, as well as the range of incomes in the middle 95% of the state's income distribution. Lab 2 - Part 2 Credit, Inc., has been monitoring the amount of time its bill collectors spend on calls that produce contacts with consumers. Management is interested in the distribution of time a collector spends on each call in which he or she initiates contact, informs a consumer about an outstanding debt, discusses a payment plan, and receives payments by phone. Credit Data is mostly interested in how quickly a collector can initiate and end a conversation to move on to the next call. For employees of Credit Data, time is money in the sense that one account may require one call and 2 minutes to collect, whereas another account may take five calls and 10 minutes per call to collect. The company has discovered that the time collectors spend talking to consumers about accounts is approximated by a normal distribution with a mean of 8 minutes and a standard deviation of 2.5 minutes. The man-agers believe that the mean is too high and should be reduced by more efficient phone call methods. Specifically, they wish to have no more than 10% of all calls require more than 10.5 minutes. Discussion Questions: 1. Assuming that training can affect the average time but not the standard deviation, the managers are interested in knowing to what level the mean call time needs to be reduced in order to meet the 10% requirement. 2. Assuming that the standard deviation can be affected by training but the mean time will remain at 8 minutes, to what level must the standard deviation be reduced in order to meet the 10% requirement? 3. If nothing is done, what percent of all calls can be expected to require more than 10.5 minutes? Copy the following Discussion Questions and your answers into your document.Answer the following questions following the protocol outlined below. Leave a blank space between each question and your answer. To receive full credit, your responses need to be coherent, concise, organized with no misspellings. Please use the following format: Question 1: Assuming that incomes can be approximated using a normal distribution with the specified mean and standard deviation, calculate the middle 95% of incomes. Hint: This requires calculating two values. Answer 1: (grammar and spelling count use a grammar/spell check program and proof read!)