A recent Gallup study (http://www.gallup.com/poll/175286/hour-workweek-actually longer seven hours.aspx) found the typical American works an average of 46.7
Question:
A recent Gallup study (http://www.gallup.com/poll/175286/hour-workweek-actually longer seven hours.aspx) found the typical American works an average of 46.7 hour per week. The study did not report the shape of the distribution of hours worked or the standard deviation. It did however indicate that 40% of the workers worked less than 40 hours a week and that 18 percent worked more than 60 hours.
a. If we assume that the distribution of hours worked is normally distributed, and knowing 40% of the workers worked less than 40 hours, find the standard deviation of the distribution.
b. If we assume that the distribution of hours worked is normally distributed and 18% of the workers worked more than 60 hours, find the standard deviation of the distribution.
c. Compare the standard deviations computed in parts a and b. Is the assumption that the distribution of hours worked is approximately normal reasonable? Why?
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
Statistical Techniques in Business and Economics
ISBN: 978-1259666360
17th edition
Authors: Douglas A. Lind, William G Marchal