Question

What is the probability that a random sample of 50 individuals shows an average annual income of at least $50,000? Select the parameters of the distribution to calculate the probability:

Answer 1

E(x), σx

Explanation:

We have to x be their average annual income we need to find p ( x => 50000)

To find this probability we need E(x), σx

For we find p ( x => 50000) we find the z value for 50000, ie the # of standart deviations that 50000 is away form E(x)

z = (x - E(x)/σx)

now p ( x => 50000) = p (z => (x - E(x)/σx )

hence we can say that, to find p ( x => 50000) we need the parameters E(x), σx