Personal Income Probabilities
Based on this sample, and clearly showing workings, appropriate graphics and your response to blank values in the data, calculate the following:
(a) the probability of randomly picking two men over 35 from the sample
The sample consists of both men and women, however the question does not delineate segmentation by gender in regard to men vs. women, but solely requests "from the sample" the possibility of selecting men over 35 years of age each draw. Therefore the equation is:
Men over 35 years of age total in the sample.
121 participants total in the sample
239 = P of men in sample
Percentage of men over 35 in the sample 23.9%
Each draw is discreet with a 23.9% chance that a man over 35 years of age will be selected on random selection each time.
For example of work in excel: Appendix
(b) given that we are picking from men in the sample, the probability of picking a man whose job income is between £2,250 and £3,250 per month
There are 50 Men in sample making between £2,250 and £3,250 per month, or 52% (.52) of 95 men total in sample
Income distribution indicates that random draw of income between £2,250 and £3,250 would be .229
Random selection is always dependent upon the entire sample of both men and women, yet with men the designated outcome:
50/121 = .41
Random selection of a man whose job income is between £2,250 and £3,250 per month presents a 41% chance
(c) a sub-sample group of five unmarried men under 28 are to share their more detailed views of credit in a focus group. Calculate how many different ways are there of putting these groups of five together from this sample?
Sub-sample: 18 unmarried men under 28 years of age
Groups of 5 / 18 unmarried men under 28 years of age = .27777 (28%)
18 X .27777 = 4.99999986 number of groups
2 Assume that Total Income is the sum of Job Income and Additional Income.
(a) produce frequency distributions,...
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