The U.S. Federal Reserve System publishes data on family income based on its Survey of Consumer Finances. When the head of the household has a university degree, the mean pre-tax
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
The U.S. Federal Reserve System publishes data on family income based on its Survey of Consumer Finances. When the head of the household has a university degree, the mean pre-tax family income is $85,200. Suppose that 60% of the pre-tax family incomes when the head of the household has a university degree are between $75,600 and $94,800 and that these incomes are
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Z2 Score= ? (Need excel Function to Calculate z Score
St Dev= ? (Show the formula that you use to calculate the St Dev
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