What level of income is required for a household to be in the top 10% of households?
Suppose household income (X) in the United States is distributed normally with an average realization of $50,000 and standard deviation $25,000.
1. What level of income is required for a household to be in the top 10% of households?
Homework Answers
data:
=$50,000
σ =25000
x =?
z=10%
solution:
z = (x-μ)/σ,
z× σ, = (x-μ)
z× σ+μ =x
0.1 ×25000+50000=x
x =52500
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What level of income is required for a household to be in the top 10% of households?
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