The Economic Report of the President Gives the Following Age

question 48

Essay

The Economic Report of the President gives the following age distribution of the United
States population for the year 2000: $$\begin{array}{l}\text { United States Population By Age Group, } 2000\\\begin{array} { | l | l | l | l | l | l | l | l | } \hline \begin{array} { l } \text { Outcome (age } \\\text { category) }\end{array} & \text { Under 5 } & 5 - 15 & 16 - 19 & 20 - 24 & 25 - 44 & 45 - 64 & \begin{array} { l } 65 \text { and } \\\text { over }\end{array} \\\hline \text { Percentage } & 0.06 & 0.16 & 0.06 & 0.07 & 0.30 & 0.22 & 0.13 \\\hline\end{array}\end{array}$$ Imagine that every person was assigned a unique number between 1 and 275,372,000 (the
total population in 2000).If you generated a random number, what would be the
probability that you had drawn someone older than 65 or under 16? Treating the
percentages as probabilities, write down the cumulative probability distribution.What is
the probability of drawing someone who is 24 years or younger?

Understand the different sampling techniques and their applications.

Recognize and define key statistical terms and concepts.

Evaluate the appropriateness of sampling techniques for various scenarios.

Distinguish between nonrandom and random sampling methods.

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Definitions:

Net Revenue

The total amount of income generated by a business after deducting costs directly associated with making and selling its products.

Investment Project

A project involving the allocation of funds or resources with the expectation of generating financial returns or benefits.

National Income

The total value of all goods and services produced by a country within a specific time period, measuring the economic performance.

Physical Capital

Tangible assets used in the production of goods and services, such as machinery, buildings, and vehicles.