The general manager of a cosmetics marketing company believes the annual incomes of its clients are normally
Question:
The general manager of a cosmetics marketing company believes the annual incomes of its clients are normally distributed. The following data represent the distribution of incomes for a random sample of the company’s clients. Given a sample mean of $67 000 and a standard deviation of $24 000, use the chi-square goodness-of-fit test to determine whether this distribution is significantly different from the normal distribution. Assume that ???? =0.05. How could the result help the company to sell more cosmetics?
Annual income of client ($) ......................... Frequency
0–20 000 ............................................................... 2
20 001–50 000 .................................................... 20
50 001–80 000 .................................................... 51
80 001–110 000 .................................................. 22
110 001–140 000 .................................................. 5
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi