Question 1: The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 35% of all families in the suburb have incomes above $72,000. a.For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000? b.Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Question 1: The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 35% of all families in the suburb have incomes above $72,000.
a.For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000?
b.Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000?
Question 2: An author receives a contract from a publisher, according to which she is to be paid a fixed sum of $10,000 plus $1,50 for each copy of her book sold. Her uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,500. Find the mean and standard deviation of the total payments she will receive.
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Given:
Let X be the incomes of all families
Median income = $60000
P (X > 72000) = 0.35
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