Below is a relative frequency table showing American household incomes as reported in the 2000 Census? *To
Question:
*To simplify your calculations, assume the last income class is $200,000 to $300,000. Notice that the classes become wider at higher levels of income.
a. Draw the corresponding histogram.
b. Estimate the mean of household incomes.
Transcribed Image Text:
Mid-point Proportion of ($000s) Households Income Level $0 to $10,000 $10,000 to under $20,000 $20,000 to under $30,000 $30,000 to under $40,000 $40,000 to under $50,000 $50,000 to under $60,000 $60,000 to under $75,000 $75,000 to under $100,000 $100,000 to under $125,000 2.5 $125,000 to under $150,000 137.5 $150,000 to under $200,000 175 $200,000 or more 095 126 130 123 107 090 104 102 052 025 022 024 15 25 35 45 67.5 87.5 250*
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a As noted in the solution to Exercise 57 the area of each bar in a histogram should be proportional ...View the full answer
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Related Book For
Understanding Business Statistics
ISBN: 978-1118145258
1st edition
Authors: Stacey Jones, Tim Bergquist, Ned Freed
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