Answer these two questions. Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year 2010 was $8040. Assume that thestandard deviation is $4700. The IRS plans to draw a sample of 1000 tax returns to study the effect of a new tax law. (d) Would it be unusual If the sample mean were less than $7700? Round answer to at least four decimal places.It (Choose one)unusual because the probability of the sample mean being less thansisis not(e) Do you think it would be unusual for an individual to pay a tax of less than $7700? Explain. Assume the varlable isnormally distributed. Round the answer to at least four decimal places.(Choose one) ▼because the probability that an individual to pays a tax less than $7700YesNo Part 4 of 5(d) Would it be unusual if the sample mean were less than $7700? Round answer to at least four decimal places.It (Choose one) vunusual because the probability of the sample mean being less than$7700 isPart 5 of 5(e) Do you think it would be unusual for an individual to pay a tax of less than $7700? Explain. Assume the variable isnormally distributed. Round the answer to at least four decimal places.(Choose one) ▼because the probability that an individual to pays a tax less than $7700is

Probability : Probability is a field of mathematics that deals with numerical descriptions of how…

Answered: Answer these two questions. Taxes: The…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

Answer these two questions. Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year 2010 was $8040. Assume that the standard deviation is $4700. The IRS plans to draw a sample of 1000 tax returns to study the effect of a new tax law.

(d) Would it be unusual If the sample mean were less than $7700? Round answer to at least four decimal places.
It (Choose one)
unusual because the probability of the sample mean being less than
sis
is not
(e) Do you think it would be unusual for an individual to pay a tax of less than $7700? Explain. Assume the varlable is
normally distributed. Round the answer to at least four decimal places.
(Choose one) ▼
because the probability that an individual to pays a tax less than $7700
Yes
No

Part 4 of 5
(d) Would it be unusual if the sample mean were less than $7700? Round answer to at least four decimal places.
It (Choose one) v
unusual because the probability of the sample mean being less than
$7700 is
Part 5 of 5
(e) Do you think it would be unusual for an individual to pay a tax of less than $7700? Explain. Assume the variable is
normally distributed. Round the answer to at least four decimal places.
(Choose one) ▼
because the probability that an individual to pays a tax less than $7700
is

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution