Suppose we know that average annual income for the population is u = $45,700 with a standard deviation of o = $5,000. The government wishes to create an assistance program where individuals falling below an income level qualify for housing aid. The government only wishes that 12.3% (or 0.1230) of individuals fall below that income cutoff. What should that income cutoff be? %3!
Suppose we know that average annual income for the population is u = $45,700 with a standard deviation of o = $5,000. The government wishes to create an assistance program where individuals falling below an income level qualify for housing aid. The government only wishes that 12.3% (or 0.1230) of individuals fall below that income cutoff. What should that income cutoff be? %3!
Chapter15: The Distribution Of Income And Poverty
Section15.1: Some Facts About Income Distribution
Problem 2ST
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