2010 Income Distribution up to $100,000 The following table shows the distribution of household incomes in 2010 46 for a sample of 1,000 households in the United States with incomes up to $100,000: Income ($1,000) 10 30 50 70 90 Households 240 290 180 170 120 Compute the expected value m and the standard deviation s of the associated random variable X . If we define a “lower-income” family as one whose income is more than one standard deviation below the mean and a “higher-income” family as one whose income is at least one standard deviation above the mean, what is the income gap between higherand lower-income families in the United States? (Round your answers to the nearest $1,000.)
2010 Income Distribution up to $100,000 The following table shows the distribution of household incomes in 2010 46 for a sample of 1,000 households in the United States with incomes up to $100,000: Income ($1,000) 10 30 50 70 90 Households 240 290 180 170 120 Compute the expected value m and the standard deviation s of the associated random variable X . If we define a “lower-income” family as one whose income is more than one standard deviation below the mean and a “higher-income” family as one whose income is at least one standard deviation above the mean, what is the income gap between higherand lower-income families in the United States? (Round your answers to the nearest $1,000.)
Solution Summary: The author calculates the expected value and standard deviation of the random variable X, and the income gap between higher- and lower-income families for the probability distribution of a household incomes for 1000 households in U.S.
2010 Income Distribution up to $100,000 The following table shows the distribution of household incomes in 201046 for a sample of 1,000 households in the United States with incomes up to $100,000:
Income ($1,000)
10
30
50
70
90
Households
240
290
180
170
120
Compute the expected value m and the standard deviation s of the associated random variable X. If we define a “lower-income” family as one whose income is more than one standard deviation below the mean and a “higher-income” family as one whose income is at least one standard deviation above the mean, what is the income gap between higherand lower-income families in the United States? (Round your answers to the nearest $1,000.)
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