The Central Limit Theorem for Sample Means · Exercise 9
The distribution of income in some developing countries is considered wedge shaped (many low income people, very few middle income people, and even fewer high income people). Suppose we pick a country with a wedge shaped distribution. Let the average salary be $2,000 per year with a standard deviation of $8,000. We randomly survey 1,000 residents of that country.
(a) In words, Χ = _____________
(b) In words, = _____________
(c) ~ _____(_____,_____)
(d) How is it possible for the standard deviation to be greater than the average?
(e) Why is it more likely that the average of the 1,000 residents will be from $2,000 to $2,100 than from $2,100 to $2,200?
OpenStax, Introductory Business Statistics 2e · §7.1 The Central Limit Theorem for Sample Means · Exercise 9
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