In 2003 the world wealth report first started publishing market shares of global
ID: 3054850 • Letter: I
Question
In 2003 the world wealth report first started publishing market shares of global millionaires. At that time, the distribution of the world's people worth $1 million or more was as follows:
Region Percentage of Millionaires
Europe 35.7
North America 31.4
Asia Pacific 22.9
Latin America 4.3
Middle east 4.3
Africa 1.4
A 2011 sample of n=500 gloabal millionaires produces the following resuts:
Region Number of Millionaires
Europe 153
North America 163
Asia Pacific 139
Latin America 20
Middle east 20
Africa 5
a) Are the conditions for using a chi-square test satisfied in this scenario?
Explanation / Answer
her from above as epected frequency =probability *total number of millionaires
as expected frequency for all categories are at least 5 ; therefore conditions for using a chi-square test are satisfied.
observed Expected category Probability(p) Oi Ei=total*p Europe 0.357 153.000 178.50 North America 0.314 163.000 157.00 Asia Pacific 0.229 139.000 114.50 Latin America 0.043 20.000 21.50 Middle east 0.043 20.000 21.50 Africa 0.014 5.000 7.00 total 1 500 500Related Questions
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