An article in the European Physical Journal B [Evidence for the exponential distribution of income in...
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An article in the European Physical Journal B ["Evidence for the exponential distribution of income in the USA" (2001, Vol. 20, pp. 585-589)] shows that individual income in the US can be approximated with an exponential distribution. Suppose that the mean of individual income in a year is $54000. a. Write the probability distribution function for individual income. (5 points) b. What percentage of individuals in the US earn less than $40000? (5 points) c. What percentage of individuals in the US earn between $45000 and $60000? (5 points) d. What is the income exceeded by 1% of individuals? (5 points) An article in the European Physical Journal B ["Evidence for the exponential distribution of income in the USA" (2001, Vol. 20, pp. 585-589)] shows that individual income in the US can be approximated with an exponential distribution. Suppose that the mean of individual income in a year is $54000. a. Write the probability distribution function for individual income. (5 points) b. What percentage of individuals in the US earn less than $40000? (5 points) c. What percentage of individuals in the US earn between $45000 and $60000? (5 points) d. What is the income exceeded by 1% of individuals? (5 points)
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Related Book For
Applied Statistics And Probability For Engineers
ISBN: 9781118539712
6th Edition
Authors: Douglas C. Montgomery, George C. Runger
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