Olea
New member
...distribution or bell shaped distributio? Suppose you know that earned income of the United
States is a normal distribution or bell shaped
distribution, that has a mean of $45,000, and a
standard deviation of $10,000.
Suppose your boss asked you to model the earned income of 5 individuals. He also wanted you to select these 5 random earned income so that they would resemble real world probabilities, that is most of the numbers would be close to the mean of $45,000. And the further that you got away from $45,000 the more unlikely that income would be. Most distributions are normal so this is a real life scenario that you may face with someday. That is modeling a normal distribution).
Ponder, and explain how you could do this.
States is a normal distribution or bell shaped
distribution, that has a mean of $45,000, and a
standard deviation of $10,000.
Suppose your boss asked you to model the earned income of 5 individuals. He also wanted you to select these 5 random earned income so that they would resemble real world probabilities, that is most of the numbers would be close to the mean of $45,000. And the further that you got away from $45,000 the more unlikely that income would be. Most distributions are normal so this is a real life scenario that you may face with someday. That is modeling a normal distribution).
Ponder, and explain how you could do this.