Understanding Basic Statistics 6th Edition by Charles Henry Brase,Corrinne Pellillo Brase

Exercise 44

Marketing: Income What is the income distribution of super shoppers (see Problem 10). In the following table, income units are in thousands of dollars, and each interval goes up to but does not include the given high value. The midpoints are given to the nearest thousand dollars.

(a) Using the income midpoint x and the percent of super shoppers, do we have a valid probability distribution Explain.
(b) Use a histogram to graph the probability distribution of part (a).
(c) Computer the expected income of a super shopper.
(d) Computer the standard deviation for the income of super shoppers.