Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the income distribution of super shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items

What is the income distribution of super shoppers? Asupermarket super shopperis defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon. In the following table, income units are in thousands of dollars, and each interval goes up to but does not include the given high value. The midpoints are given to the nearest thousand dollars.Income range5-1515-2525-3535-4545-5555 or moreMidpointx102030405060Percent of super shoppers21%14%22%17%20%6%

(a)Using the income midpointsxand the percent of super shoppers, do we have a valid probability distribution? Explain.

Yes. The events are distinct and the probabilities sum to 1.

Yes. The events are distinct and the probabilities do not sum to 1.

No. The events are indistinct and the probabilities sum to 1.

No. The events are indistinct and the probabilities sum to more than 1.

Yes. The events are indistinct and the probabilities sum to less than 1.

(b)Use a histogram to graph the probability distribution of part (a). (Select the correct graph.)

(c)Compute the expected incomeof a super shopper (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)

=

thousands of dollars

(d)Compute the standard deviationfor the income of super shoppers (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)

=

thousands of dollars

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

Step: 3

blur-text-image

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

Elementary Algebra

Authors: Charles P McKeague

2nd Edition

1483263819, 9781483263816

More Books

Students also viewed these Mathematics questions

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago

Question

assess the infl uence of national culture on the workplace

Answered: 1 week ago