Question
The following table shows the distribution of household incomes in 2010 for a sample of 1,000 households in a country with incomes up to $100,000.
The following table shows the distribution of household incomes in 2010 for a sample of 1,000 households in a country with incomes up to $100,000.
Income ($1,000) | 10 | 30 | 50 | 70 | 90 |
---|---|---|---|---|---|
Households | 250 | 270 | 180 | 150 | 150 |
Compute the expected value and the standard deviation of the associated random variable X. (Round your answers to the nearest $1,000.)=$ =$ If we define a "lower-income" family as one whose income is more than one standard deviation below the mean and a "higher-income" family as one whose income is at least one standard deviation above the mean, what is the income gap between higher- and lower-income families in the country? (Round your answer to the nearest $1,000.)$
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