Incomes The mean household income in the U.S. in 2014 was about $72,641 and the standard deviation

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Incomes The mean household income in the U.S. in 2014 was about $72,641 and the standard deviation was about $85,000. (The median income was $51,939.) If we used the Normal model for these incomes,

1. What would be the household income of the top 1%?

2. How confident are you in the answer in part a?

3. Why might the Normal model not be a good one for incomes?

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Stats Data And Models

ISBN: 9780135163825

5th Edition

Authors: Richard D De Veaux, Paul F Velleman, David E Bock

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Question Posted: Aug 16, 2022 09:24 AM

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Incomes The mean household income in the U.S. in 2014 was about $72,641 and the standard deviation

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Stats Data And Models

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