Let the Household Income of Residents of the United States

question 29

Short Answer

Let the household income of residents of the United States be represented by Y = e^X, where X is normally distributed. Last year, the mean U.S. household income was approximately $50,000. Suppose the standard deviation was 16,000. Estimate the proportion of U.S. households that have an income less than 80,000.

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Definitions:

System Recording

The process of capturing and documenting operations or events within a system for review or analysis purposes.

Financial Transactions

Deals with the process of exchanging assets such as money between two or more parties.

Itemization

Refers to the process of breaking down a list or group into individual elements for detailed analysis or reporting.

Goods And Purchases

Transactions related to buying and selling physical products or merchandise in various economic sectors.