Compute the expected income µ of a super shopper

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Reference no: EM132423001

Problem: Income range 5-15 15-25 25-35 35-45 45-55 55 or more Midpoint x 10 20 30 40 50 60 Percent of super shoppers 20% 13% 21% 17% 20% 9%

Required:

Question 1: Compute the expected income μ of a super shopper (in thousands of dollars). (Enter a number. Round your answer to two decimal places.) μ = 3 thousands of dollars.

Question 2: Compute the standard deviation σ for the income of super shoppers (in thousands of dollars). (Enter a number. Round your answer to two decimal places.) σ = 4 thousands of dollars.

Reference no: EM132423001

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