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c) Choose the correct answer below. A. Since the mean and the standard deviation are very close, the distribution of incomes is likely uniform. B. Since the median is much less than the mean, it is likely that the data have more than one mode. OC. Since the median is much less than the mean and the standard deviation and mean are very close, the distribution of incomes is likely right skewed. OD. Since the median is much less than the mean and the standard deviation and mean are very close, the

c) Choose the correct answer below. A. Since the mean and the standard deviation are very close, the distribution of incomes is likely uniform. B. Since the median is much less than the mean, it is likely that the data have more than one mode. OC. Since the median is much less than the mean and the standard deviation and mean are very close, the distribution of incomes is likely right skewed. OD. Since the median is much less than the mean and the standard deviation and mean are very close, the

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 1%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? (...) a) The top 1% would have incomes greater than $ 287980. (Round to the nearest dollar as needed.) b) Choose the correct answer below. A. It is always possible to be confident in the answer from part a because the Normal model is a good approximation when the mean and standard deviation are known. B. It is only possible to be confident in the answer from part a if the distribution of incomes is nearly uniform. C. It is only possible to be confident in the answer from part a if the distribution of incomes is unimodal and symmetric without obvious outliers. D. It is only possible to be confident in the answer from part a if the distribution of incomes is not symmetric. c) Choose the correct answer below. OA. Since the mean and the standard deviation are very close, the distribution of incomes is likely uniform. OB. Since the median is much less than the mean, it is likely that the data have more than one mode. OC. Since the median is much less than the mean and the standard deviation and mean are very close, the distribution of incomes is likely right skewed. D. Since the median is much less than the mean and the standard deviation and mean are very close, the ta W ון sta
Transcribed Image Text:The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 1%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? (...) a) The top 1% would have incomes greater than $ 287980. (Round to the nearest dollar as needed.) b) Choose the correct answer below. A. It is always possible to be confident in the answer from part a because the Normal model is a good approximation when the mean and standard deviation are known. B. It is only possible to be confident in the answer from part a if the distribution of incomes is nearly uniform. C. It is only possible to be confident in the answer from part a if the distribution of incomes is unimodal and symmetric without obvious outliers. D. It is only possible to be confident in the answer from part a if the distribution of incomes is not symmetric. c) Choose the correct answer below. OA. Since the mean and the standard deviation are very close, the distribution of incomes is likely uniform. OB. Since the median is much less than the mean, it is likely that the data have more than one mode. OC. Since the median is much less than the mean and the standard deviation and mean are very close, the distribution of incomes is likely right skewed. D. Since the median is much less than the mean and the standard deviation and mean are very close, the ta W ון sta
Expert Solution
Step 1

It is given that 

Mean = $89930

Median = $59039

Standard deviation = $85000

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