**Statistics Problem for Marketing Application****Problem 5:**An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6,256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.

From the provided information, Average (µ) = $24596 Standard deviation (σ) = $6256 The company plans…

Answered: 5. An advertising company plans to…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Part 3 a. Find the mean for percent of low-income working families and percent of 18–64-year-old with no HS diploma. Compare these two means. What do you observe? b. Find the standard deviation for each of these two groups. Which group has the larger variation? c. Construct the boxplots for each group. Attach a copy of the boxplot to the project Is there any outlier for each group? Find the value of Q1 for each group. Which group has the lower value of Q1? Data: percent of income working families | percent of 18-64 years old with no Hs diploma Alabama 37.3 15.3Alaska 25.9 8.6Arizona 38.9 14.8Arkansas 41.8 14California 34.3 17.6Colorado 127.6 10.1Connecticut 21.1 9.5Delaware 27.8 11.9District of Columbia 23.2 10.8Florida 37.3 13.1Georgia 36.6 14.9Hawaii 25.8 7.2Idaho 38.6 10.7Illinois 30.4 11.5Indiana 31.9 12.2Iowa 28.8 8.1Kansas 32 9.7Kentucky 34.1 13.6Louisiana 36.3 16.1Maine 30.4 7.1Maryland 19.5 9.7Massachusetts 20.1 9.1Michigan 31.6…
1. In a sentence or two, explain what a sampling distribution is. 2. In a sentence or two explain how the standard error of the mean is similar to the standard deviation.
Español Valley College and Elm College are two local colleges. For each college, the distribution of the ages of faculty members is clearly bell-shaped. The ages of faculty members at Valley College have a population mean of 51 years and a standard deviation of 6.3 years. The ages of faculty members at Elm College have a population mean of 56 years and a standard deviation of 4.2 years. Maria is 67 years old and a faculty member at Valley College. Salma is 40 years old and a faculty member at Elm College. (a) Find the z-scores of Maria's age as a faculty member at Valley College and Salma's age as a faculty member at Elm College. Round your answers to two decimal places. z-score of Maria's age: z-score of Salma's age: (b) Relative to her population, who is the older faculty member? Choose the best answer based on the z-scores of the two ages. O Maria O Salma O It is unclear who is the older faculty member relative to her population Explanation 2022 Mc X Terms of Use | Privacy Center |…
7. A set of data has a variance of 81. What is the standard deviation? SAMSUNG
A study states that for a particular area, the average income per family is $34,569 and the standard deviation is $8256. What percentage of families in that area earn below $25,000?
It is often quoted that in a normal distribution, 95% of the data lies 1.96 deviations either side of the mean. How many deviations from the mean would 88 percent lie?
C.28. A car dealership records the number of cars sold each month and finds the mean =56 and the standard deviation =8.2. What does a standard deviation of 8.2 mean?
.
Given that the mean and standard deviation are $24 and $3. Calculate the variance.
C8. Individuals with higher levels of education tend to delay parenting, having children at an older age in comparison with individuals with lower levels of education. We examine this relationship based on GSS 2018 data. In the following table, the mean, standard deviation, and variance for respondent's age when first child was born (AGEKDBRN) are reported for five categories (DEGREE). a. Identify the level of measurement for DEGREE and AGEKDBRN. b. Describe the relationship between respondent degree and age when first child was born. High School Some Less Than High School Bachelor's Graduate College Degree Degree Mean 21.33 23.08 24.83 27.44 28.59 5.055 5.498 4.581 5.314 5.446 Standard deviation Variance 25.556 30.232 20.984 28.234 29.654
One year, the distribution of salaries for professional sports players had mean $1.9 million and standard deviation $0.8 million. Suppose a sample of 100 major league players was taken. Find the 85th percentile of the sample mean or average salary of 100 major league players. Round to two decimal places. $2.73 million $1.91 million $1.98 million $2.31 million

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5. An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.