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According to a survey of American households, the probability that the residents own 2 cars if annual household income is over $25,000 is 80%
4. According to a household survey of Hong Kong in 2018, if an annual household income is over $25,000, the probability that the residents own 1 car is 15% and that of own 2 cars is 80%. Of the households surveyed, 60% had incomes over $25,000, 20% had 1 car and 70% had 2 cars. Assume that a household owns at most 2 cars in Hong Kong. Let X be the annual household income is over $25,000 and Ys be...
According to a national marketing survey of American households, 60% of households surveyed had incomes greater than $25,000. The survey also found that 80% of households with income greater than $25,000 in two cars, while households with income less than $25,000 had two cars 40% of the time. What is the probability that household had income greater than $25,000 given that it had two cars? (Round to nearest percentage) A. 42 B. 75 C.25 D. 69 Reset Selection
1. The table below gives the probability model for the distribution of total household income in the United States. Total Household Income Under $25,000 $25,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 S100,000 or over Probabilit 0.223 0.188 0.138 0.179 0.272 Table 1. Total household income (from March 2012 Supplement, Current Population Survey) a. Check to see whether the probability model in Table 1 is legitimate. Explain what you checked b. What is the probability that a randomly chosen...
The relative frequency table below displays the distribution of annual total household income for a representative sample of 119,730,128 households. This data is from the 2018 American Community Survey. Less than $10,000 6.3% $10,000 to $14,999 4.6% $15,000 to $24,999 9.3% $25,000 to $34,999 9.3% $35,000 to $49,999 12.6% $50,000 to $74,999 17.5% $75,000 to $99,999 12.5% $100,000 to $149,999 14.6% $150,000 to $199,999 6.3% $200,000 or more 7.0% a) What is the probability that a random American household makes...
According to Money magazine, Maryland had the highest median annual household income of an state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and a standard deviation of $33,800. a. What is the probability that a household in Maryland has an annual income of $100,000 or more? b. What is the probability that a household in Maryland has an annual income of $40,000 or less? c....
1. According to the U.S. Department of Commerce, 30% of Arkansas households had a computer in 2002. If 285 Arkansas households are selected at random, find the following probabilities: (Please show all necessary justifications.) a.The exact probability that 70 or fewer have a computer b. The probability that 70 or fewer have a computer using the normal approximation. c. The probability that 70 or fewer have a computer using the normal approximation with the continuity correction. 2. The probability that a...
2) The graph below represents household income for the US population in the year 2005. The average (mean) income was $63,344 and the median income was $46,326. population standard deviation of $27,435. Assume a 112,363,000 households below $250,000 150000 Total 114,384,000 households 94 705 1250,000 a. Explain why the Empirical rule cannot be used for this data. Why would Chebyshev's rule be a good alternative? According to Chebyshev's rule, what income range would have at least the middle 75% of...
Scratchpad According to the US Census Bureau's American Community Survey, 87% of Americans over the age of 25 have earned a high school diploma. Suppose we are going to take a random sample of 200 Americans in this age group and calculate what proportion of the sample has a high school diploma. What is the probability that the proportion of people in the sample with a high school diploma is less than 85%? 0.17 (B 0.23 C 0.20 D 0.26...
Question 1 1 pts By 1 July 2008, more than 70 million American households had received tax rebates of $950 on average, as a part of a temporary economic stirpulus policy. According to Friedman's permanent income model (and holding all other things equal), aggregate consumption in 2008 O should have increased by approximately the amount of the tax rebate O should have increased by more than the tax rebate should have increased by significantly less than the amount of the...
A survey taken in a farming village in Nepal asked, "How many bullocks does your household have?" and "How many cows does your household have?" The probability distributions of number of bullocks B and number of cows C shown here are consistent with the data published by the Inter-University Consortium for Political and Social Research (ICPSR). 0 1 2 3 Probability 0.66 0.04 0.28 0.02 0 1 2 3 4 Probability 0.78 0.11 0.06 0.03 0.02 (a) If we draw...