b. How is it possible for the standard deviation to be greater than the average? c.Why can I still answer the name of the distribution in part a when the distribution of X is very right skewed? d. What is the probability that my sampling error is within $500 of the true mean?
b. How is it possible for the standard deviation to be greater than the average? c.Why can I still answer the name of the distribution in part a when the distribution of X is very right skewed? d. What is the probability that my sampling error is within $500 of the true mean?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Question

Transcribed Image Text:b. How is it possible for the standard deviation to
be greater than the average?
c. Why can I still answer the name of the
distribution in part a when the distribution of X is
very
right skewed?
d. What is the probability that my sampling error
is within $500 of the true mean?

Transcribed Image Text:The distribution of income in some Third World
countries is considered very right skewed (many
very poor people, very few middle income people,
and even fewer wealthy people).
Suppose we pick a country with a severely right
skewed distribution. Let the average salary be
$2,000 per year with a standard deviation of
$8,000. We randomly survey 1,000 residents of
that country.
a. What is the sampling distribution of the sample
mean, including name of the distribution,
its mean,
error,
and standard
?
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