A small business plans to target their sales to the upper 60% of income families. A...
A small business plans to target their sales to the upper 60% of income families. A study states that the average income per family is 62000. And the standard devation is 5000 find the cutoff target income per family. Please draw everything out so I can understand
Homework Answers
Ans:
Given that
mean=62000
standard deviation=5000
P(Z>z)=0.60
P(Z<=z)=1-0.60=0.40
z=normsinv(0.40)
z=-0.25
Cut off value=62000-0.25*5000=60750
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