Solution-Compute the expected income µ of a super shopper

Compute the expected income µ of a super shopper

Reference no: EM132483622

What is the income distribution of super shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon. In the following table, income units are in thousands of dollars, and each interval goes up to but does not include the given high value. The midpoints are given to the nearest thousand dollars.

Income range 5-15 15-25 25-35 35-45 45-55 55 or more

Midpoint x10 20 30 40 50 60

Percent of super shoppers 21% 14% 20% 17% 20% 8%

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

μ = thousands of dollars

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 = thousands of dollars

Reference no: EM132483622

Questions Cloud

What should big corporation report as the balance of cash : What should Big Corporation report as the balance of Cash and cash equivalents on its balance sheet? The bank will impose a penalty of 1% per month

Evaluate the statements for meaningfulness : How do I evaluate the sample size? How do I evaluate the statements for meaningfulness? How do I evaluate the statements for statistical significance?

Prepare financial statement that helps address first issue : Prepare the financial statement that helps address the first issue concerning Collins. Can Collins expect to get the loan? Give your reason(s).

Aspen mixedwood forest in alberta : A scientist is studying the relationship between x= diameter at breast height (DBH) (in centimeters) of aspen mixedwood forest in Alberta and y= canopy

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

What amount may be deducted as organizational expenditures : The amount paid for the legal services was $28,000 (instead of $19,000). What amount may be deducted as organizational expenditures in 2018?

What is the probability that jim will die in his 60th year : (a) What is the probability that Jim will die in his 60th year? (Enter a number. Enter your answer to five decimal places.)

What was lance? murdocks rate of? return : What was Lance? Murdock's rate of? return, that? is, the value of i?? Enter a negative percentage for a loss. What was his rate of? return, that? is the value i

Compute what is the current stock price : Compute what is the current stock price. The last dividend paid by Coppard Inc. was $1.25. The dividend growth rate is expected to be constant at 30% for 3 year

User Account

All Pages

Compute the expected income µ of a super shopper

Reference no: EM132483622

Reference no: EM132483622

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT