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:

Traditional Assumptions

Established beliefs that are widely accepted without question or evidence.

Middle Term

In a syllogism, the term that appears in both premises but not in the conclusion, serving as a link between the other two terms.

Major Premise

The first proposition in a syllogism, from which a conclusion is drawn in conjunction with a minor premise.

Validity Rules

Guidelines or principles used to evaluate the correctness of the logical structure of arguments, ensuring that the conclusion follows from the premises.