Question: I would like help in understanding how to solve this question. Exercises 1. Let X1, X2, X3, ... bei.i.d. with density given by x 50

I would like help in understanding how to solve this question.

Exercises 1. Let X1, X2, X3, ... bei.i.d. with density given by x 50 This is one of the Pareto densities, sometimes used in economics to represent distributions of wealth in populations where a small percent of the population owns a large percent of the wealth. a) Find c. b) Find the cdf of X] and sketch its graph. c) Find E(X1). d) Find Var(X1). e) Let X(m) = - _"- X; . Find or approximate P(X (100) > 70)

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