Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve......... The distribution of income in some Third World countries is considered wedge shaped (many very poor people, very few middle income people, and even

solve.........

image text in transcribed
The distribution of income in some Third World countries is considered wedge shaped (many very poor people, very few middle income people, and even fewer wealthy people). Suppose we pick a country with a wedge shaped distribution. Let the average salary be $2,000 per year with a standard deviation of $6,000. We randomly survey 1,000 residents of that country. (a) In words, define the random variable X. O the number of people surveyed O the yearly income of someone in a Third World country O the number of people who have a salary of $2,000 per year O the yearly income for each person in a Third World country (b) In words, define the random variable X. O the average salary of all residents in a Third World country O the average salary from a sample of 1,000 people throughout the world O the average salary from a sample of 1,000 residents of a Third World country the average salary of all residents in the world (c) Give the distribution of X. (Round your numerical values to two decimal places.) XN ? (d) How is it possible for the standard deviation to be greater than the average? This is an example of a poor survey; the average should never be smaller than the standard deviation. O Very wide differences in data values can have averages smaller than standard deviations. O Very small differences in data values can have averages smaller than standard deviations. (e) Why is it more likely that the average of the 1,000 residents will be from $2,000 to $2,100 than from $2,100 to $2,200? The sample size was sufficiently large to ensure a sample mean close to the population mean. Because the standard deviation is so high, there is a high probability the sample mean is close to the population mean. O The distribution of the sample mean will have higher probabilities closer to the population mean. O It is actually more likely that the average of the 1,000 residents will be from $2,100 to $2,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied Calculus

Authors: Stefan Waner, Steven Costenoble

6th Edition

1285415310, 9781285415314

More Books

Students also viewed these Mathematics questions