Answered: lower | bartleby

Name: the distribution of household income in the United States is not belie
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: the distribution of household income in the United States is not believed to be normally distributed but is instead right-skewed. Suppose that the mean income of US households is $92,300 with a standard deviation of $32,000.(e) Why is the standard de

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

Topic Video

Question

the distribution of household income in the United States is not believed to be normally distributed but is instead right-skewed. Suppose that the mean income of US households is $92,300 with a standard deviation of $32,000.

(e) Why is the standard deviation of the mean income in the sample of 100 households that you computed in part (d) much lower than the population standard deviation of $32,000? -- (part (d) is suppose 100 households are randomly selected and the average income is calculated. what is the standard dev of the mean income in the sample of 100 households - I got 3200 for that.)

(f) Suppose 100 households are randomly selected and the average income in the sample is calculated. Based on the Central Limit Theorem, what is the approximate probability that the mean income in the sample of 100 households is less than $89,000?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions