The Economic Report of the President Gives the Following Age

question 69

Essay

The Economic Report of the President gives the following age distribution of the United States population for the year 2000:
United States Population By Age Group, 2000 $$\begin{array} { | l | l | l | l | l | l | l | l | } \hline \begin{array} { l } \text { Outcome (age } \\\text { category }\end{array} & \text { Under 5 } & \text {-15 } & 16 - 19 & 20 - 24 & 25 - 44 & 45 - 64 & \begin{array} { l } 65 \text { and } \\\text { over }\end{array} \\\hline \text { Percentage } & 0.06 & 0.16 & 0.06 & 0.07 & 0.30 & 0.22 & 0.13 \\\hline\end{array}$$ 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?

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Definitions:

Visible Artifacts

Physical objects or elements in an organization's culture that can be seen and have symbolic significance, such as logos, architecture, or uniforms.

Underlying Values

Fundamental beliefs or principles that guide an individual's or organization's behavior and decision-making.

Tariffs

Taxes imposed on imported goods and services, used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

Foreign Competition

Foreign competition involves businesses based in one country competing against products or services offered by companies based in other countries.