The Monthly Income of Residents of Daisy City Is Normally

question 5

Essay

The monthly income of residents of Daisy City is normally distributed with a mean of $3000 and a standard deviation of $500.
a.The mayor of Daisy City makes $2,250 a month. What percentage of Daisy City's residents has incomes that are more than the mayor's?
b.Individuals with incomes of less than $1,985 per month are exempt from city taxes. What percentage of residents is exempt from city taxes?
c.What are the minimum and the maximum incomes of the middle 95% of the residents?
d.Two hundred residents have incomes of at least $4,440 per month. What is the population of Daisy City?

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Definitions:

Market Growth Rate

The increase in the size or sales of a specific market over a set period of time, often expressed as a percentage.

Market Share

The portion of a market controlled by a particular company or product, expressed as a percentage of total sales in that market.

High-Growth Markets

markets characterized by a significant rate of growth, often offering substantial opportunities for investment and business expansion.

BCG Matrix

A strategic business tool designed by the Boston Consulting Group to aid companies in analyzing their business units or product lines based on market growth and market share.