Find the mean and variance of these incomes

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Reference no: EM131025600

Annual incomes for heads of household in a section of a city have approximately a gamma distribution with α = 20 and β = 1000.

a Find the mean and variance of these incomes.

b Would you expect to find many incomes in excess of $30,000 in this section of the city?

c Applet Exercise What proportion of heads of households in this section of the city have incomes in excess of $30,000?

Reference no: EM131025600

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