Suppose that the distribution of income in a certain tax bracket is approximately normal with a mean of $52,338.36 and a standard deviation of $3,373.094. Approximately 38.52% of households had an income less than what dollar amount?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Suppose that the distribution of income in a certain tax bracket is approximately normal with a
Probability distribution: A probability distribution function is the statistical function that describes all the possible values and a likelihood that can be a random variable can take within the given range. these factors include the distribution's mean, standard deviation.
we know the formula for z-score,
Given,
Population mean = = 52338.36
Population standard deviation = = 3373.094
z-score = 38.52%
critical value = -0.292 from the standard normal table.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
