You have been commissioned to measure and compare the levels of income equality

Question

You have been commissioned to measure and compare the levels of income equality in several European countries. Devise a measure that you would use to compare income equality in each country. A sample of 22 batteries where selected at random and found to have the following lifetimes, 201, 202, 199, 198, 201, 202, 204, 201, 202, 199, 203, 194, 201. 202, 199, 198, 205, 201, 203, 197, 198, 197(hrs). Calculate the sample mean and sample standard deviation? An insurance salesperson sells policies to 8 women, all of identical age and in good health. According to the actuarial tables, the probability that a woman of this particular age will be alive 20 years hence is 3/5. Find the probability that in 20 years at least 2 women will be alive? The mean grade on a final exam was 56 and the standard deviation was 6. The top 15% of the students arc to receive an A grade. What is the minimum grade that a student must receive in order to get an A.

Explanation / Answer

I am not able to help you on question a?

b) sample mean =202.32

sample standard deviation=2.644

c)Let X be the number of women still alive after 20 years time. X ~ Binomial(8, 3/5)

P(X>=2)=1-P(X<2)

=1-P(X<=1)

=1-0.00852 ........................(Using Excel function "=BINOMDIST(1,8,0.6,1)" you will get probability.)

=0.9915

Hope this will help you. Good Luck :)

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