# Question: The incomes of all families in a particular suburb can

The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 40% of all families in the suburb have incomes above $72,000.

a. For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000?

b. Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000?

a. For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000?

b. Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000?

**View Solution:**## Answer to relevant Questions

Five inspectors are employed to check the quality of components produced on an assembly line. For each inspector the number of components that can be checked in a shift can be represented by a random variable with mean 120 ...You have been asked to determine the probability that the contribution margin for a particular product line exceeds the fixed cost of $2,000. The total number of units sold is a normally distributed random variable with a ...A hamburger stand sells hamburgers for $1.45 each. Daily sales have a distribution with a mean of 530 and a standard deviation of 69. a. Find the mean daily total revenues from the sale of hamburgers. b. Find the standard ...It is estimated that amounts of money spent on gasoline by customers at a gas station follow a normal distribution with a standard deviation of $2.50. It is also found that 10% of all customers spent more than $25. What ...Financial Managers, Inc., buys and sells a large number of stocks routinely for the various accounts that it manages. Portfolio manager Andrea Colson has asked for your assistance in the analysis of the Johnson Fund. A ...Post your question