Explanation Calculation: It is given that in year X , the mean family income was $48, 000 with a standard deviation of $1, 000. Standard deviation helps to calculate the distance of each data value from the mean. Using the given mean and standard deviation, let us determine few data values. If 48000 is the mean then two data values will be 1000 away from 48000. 48000 − 1000 = 47000 and 48000 + 1000 = 49000 Similarly, other two data values will be 2 × 1000 = 2000 away from 48000. 48000 − 2000 = 46000 and 48000 + 2000 = 50000 Some more data values will be 3 × 1000 = 3000 away from 48000. 48000 − 3000 = 45000 and 48000 + 3000 = 51000 It is also given that in year X + 3 , the mean family income was $51, 000 with a standard deviation of $2, 250. Using the given mean and standard deviation, let us determine few data values. If 51000 is the mean then two data values will be 2250 away from 51000. 51000 − 2250 = 48750 and 51000 + 2250 = 53250 Similarly, other two data values will be 2 × 2250 = 4500 away from 51000

6th Edition

ISBN: 9780134506470

Author: Pirnot

Publisher: PEARSON

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Chapter 14.3, Problem 38E

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The annual income of a family, if a family earned $50, 000 during year X and $54, 000 during year X+3. The mean family income in year X was $48, 000 with a standard deviation of $1, 000 and the mean family income in year X+3 was $51, 000 with a standard deviation of $2, 250.

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Chapter 14.3, Problem 37E

Chapter 14.3, Problem 39E

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Chapter 14 Solutions

Mathematics All Around (6th Edition)

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To compare: The annual income of a family, if a family earned $50, 000 during year X and $54, 000 during year X + 3. The mean family income in year X was $48, 000 with a standard deviation of $1, 000 and the mean family income in year X + 3 was $51, 000 with a standard deviation of $2, 250.

To compare: The annual income of a family, if a family earned $50, 000 during year X and $54, 000 during year X+3. The mean family income in year X was $48, 000 with a standard deviation of $1, 000 and the mean family income in year X+3 was $51, 000 with a standard deviation of $2, 250.

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Chapter 14 Solutions

To compare:

The annual income of a family, if a family earned $50, 000 during year X and $54, 000 during year X+3. The mean family income in year X was $48, 000 with a standard deviation of $1, 000 and the mean family income in year X+3 was $51, 000 with a standard deviation of $2, 250.