Provide a descriptive statistical analysis of the household income (INCOME).

| March 17, 2019


Provide a descriptive statistical analysis of the household income (INCOME). Include a histogram in the analysis. Define the mean, mode, median and the standard deviation. Comment on the shape and symmetry of the distribution. Provide an examination for extreme observations. Set up and interpret a 95 % confidence interval for the mean.  
Assume that the variable INCOME is normal distributed with mean and standard deviation as found. 
 What is the probability that a randomly selected person represents a household with an income between 20,000 and 40,000USD? • Suppose that an aid program is launched in order to help the 25 percent of the households with the lowest income. What is the maximum household income to be considered for the program?

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