Question: Problem 3 There has been much talk about income inequality in the United States lately. Let's assume that the average household income in the U.S.
Problem 3 There has been much talk about income inequality in the United States lately. Let's assume that the average household income in the U.S. is $58,000 with a standard deviation of $21,000 (these numbers are hypothetical). a) What is the probability that 50 randomly selected households have an average household income that exceeds $60,000 ? Explain how you approached this question. b) What is the probability that 100 randomly selected households have an average household income that exceeds $60,000 ? c) Why are your answers to a ) and b) different? Explain
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