Question
Suppose that the annual household income in a small Midwestern community is normally distributed with a mean of $55,000 and a standard deviation of $4,500.
Suppose that the annual household income in a small Midwestern community is normally distributed with a mean of $55,000 and a standard deviation of $4,500.
a.What is the probability that a randomly selected household will have an income between $50,000 and $65,000?
b.What is the probability that a randomly selected household will have an income of more than $70,000?
c.What minimum income does a household need to earn to be in the top 5% of incomes?
d.What maximum income does a household need to earn to be in the bottom 40% of incomes?
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Econometric Evaluation Of Socio-Economic Programs Theory And Applications
Authors: Giovanni Cerulli
1st Edition
3662464055, 9783662464052
