One question from the Sullivan Statistics Survey was How many credit cards do you currently have This question was asked of only those individuals who have a credit card Answer the following questions based on the results of the survey (a) Determine the mean number of credit cards based on the raw data (b) Determine the standard deviation number of credit cards based on the raw data (c) Determine a probability distribution for the random variable, X, the number of credit cards issued to an individual (d) Draw a probability histogram for the random variable X Describe the shape of the distribution (e) Determine the mean and standard deviation number of credit cards from the probability distribution found in part (c) (f ) Determine the probability of randomly selecting an individual whose number of credit cards is more than two standard deviations from the mean Is this result unusual (g) Determine the probability of randomly selecting two individuals who are issued exactly two credit cards Interpret this result

Question: One question from the Sullivan Statistics Survey was How many credit cards do you currently have? This question was asked of only those individuals who

One question from the Sullivan Statistics Survey was “How many credit cards do you currently have?” This question was asked of only those individuals who have a credit card. Answer the following questions based on the results of the survey.

(a) Determine the mean number of credit cards based on the raw data.

(b) Determine the standard deviation number of credit cards based on the raw data.

(d) Draw a probability histogram for the random variable X. Describe the shape of the distribution.
(e) Determine the mean and standard deviation number of credit cards from the probability distribution found in part (c).

(f ) Determine the probability of randomly selecting an individual whose number of credit cards is more than two standard deviations from the mean. Is this result unusual?

(g) Determine the probability of randomly selecting two individuals who are issued exactly two credit cards. Interpret this result.

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a The mean is the sum of the values divided by the total number of observations The mean is x 529160 ... View full answer

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