Answered: (c) Compute the expected income μ of a…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter7: Integration

Section7.CR: Chapter 7 Review

Problem 88CR

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Income range	5-15	15-25	25-35	35-45	45-55	55 or more
Midpoint x	10	20	30	40	50	60
Percent of super shoppers	21%	15%	22%	16%	18%	8%

(a)

Using the income midpoints x and the percent of super shoppers, do we have a valid probability distribution? Explain.

Yes. The events are indistinct and the probabilities sum to less than 1.Yes. The events are distinct and the probabilities do not sum to 1. No. The events are indistinct and the probabilities sum to 1.Yes. The events are distinct and the probabilities sum to 1.No. The events are indistinct and the probabilities sum to more than 1.

(b)

Use a histogram to graph the probability distribution of part (a). (Select the correct graph.)

(c)

Compute the expected income μ of a super shopper (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)
μ = thousands of dollars

(d)

Compute the standard deviation σ for the income of super shoppers (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)
σ = thousands of dollars

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