The annual salaries (in $) within a certain profession are modelled by a random variable with the cumulative distribution function -3 F(x) = (1 − kx¯³ for x > 40000 0 otherwise, for some constant k. For these problems, please ensure your answers are accurate to within 3 decimals. Part a) Find the constant k here and provide its natural logarithm to three decimal places. Natural logarithm of k: Part b) Calculate the mean salary given by the model. Part c) Find the proportion in the profession earning less than the mean, giving your answers as a fraction or to three decimal places. ☐
The annual salaries (in $) within a certain profession are modelled by a random variable with the cumulative distribution function -3 F(x) = (1 − kx¯³ for x > 40000 0 otherwise, for some constant k. For these problems, please ensure your answers are accurate to within 3 decimals. Part a) Find the constant k here and provide its natural logarithm to three decimal places. Natural logarithm of k: Part b) Calculate the mean salary given by the model. Part c) Find the proportion in the profession earning less than the mean, giving your answers as a fraction or to three decimal places. ☐
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question

Transcribed Image Text:The annual salaries (in $) within a certain profession are modelled by a random variable with the cumulative distribution function
-3
F(x) =
(1 − kx¯³ for x > 40000
0 otherwise,
for some constant k. For these problems, please ensure your answers are accurate to within 3 decimals.
Part a)
Find the constant k here and provide its natural logarithm to three decimal places.
Natural logarithm of k:
Part b)
Calculate the mean salary given by the model.
Part c)
Find the proportion in the profession earning less than the mean, giving your answers as a fraction or to three decimal places.
☐
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you

A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON


A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
