Incomes in a Particular Market Area Are Known to Be

question 66

Multiple Choice

Incomes in a particular market area are known to be right-skewed with a mean equal to $33,100. In a report issued recently, a manager stated that at least 89 percent of all incomes are in the range of $26,700 to $39,500, and this was based on Tchebysheff's theorem. Given these facts, what is the standard deviation for the incomes in this market area?

• A) Approximately $6,400
• B) Approximately $3,200
• C) Approximately $2,133
• D) Approximately $4266

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Definitions:

Cost of Living

The amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a particular place and time.

Duration of Agreement

The period of time for which a contract or agreement is effective, usually marked by a start and end date.

Legal Recognition

The formal acknowledgment by governmental or authoritative bodies of the validity and protected status of entities, relationships, or rights.

Authorization Card Signatures

Signatures collected on cards used in the process of forming or joining a union, indicating the signatory's support for union representation.