Question: Hello, I am stumped on this question. If you can help that will be great and a life savor for my future. The question: What

Hello, I am stumped on this question. If you can help that will be great and a life savor for my future.

The question:

What is the income distribution of super shoppers? Asupermarket super shopperis defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon. In the following table, income units are in thousands of dollars, and each interval goes up to but does not include the given high value. The midpoints are given to the nearest thousand dollars.Income range5-1515-2525-3535-4545-5555 or moreMidpointx102030405060Percent of super shoppers21%15%20%17%20%7%

(a)Using the income midpointsxand the percent of super shoppers, do we have a valid probability distribution? Explain.

No. The events are indistinct and the probabilities sum to 1.

No. The events are indistinct and the probabilities sum to more than 1.

Yes. The events are distinct and the probabilities do not sum to 1.

Yes. The events are indistinct and the probabilities sum to less than 1.

Yes. The events are distinct and the probabilities sum to 1.

(b)Use a histogram to graph the probability distribution of part (a). (Select the correct graph.)

(c)Compute the expected incomeof a super shopper (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)

=thousands of dollars

(d)Compute the standard deviationfor the income of super shoppers (in thousands of dollars). (Enter a number. Round your answer to two decimal places.)

=thousands of dollars

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!