A continuous random variable has a density function𝑓(𝑥) = 2(5 – x) 5 , where 2<x<3. Calculate the following probability correct up to 3 decimal places, and make the graph for part (a) only in Answer sheet:
P (x < 2.5)
P (x > 2.2)
P (2.1 ≤ 𝑥 ≤ 2.7)
Economists frequently make use of quintiles (i.e., the 20th, 40th, 60th, and 80th percentiles) particularly
when discussing incomes. Suppose that in a large city household incomes are normally distributed
with a mean of $50,000 and a standard deviation of $10,000. An economist wishes to identify the
quintiles. Unfortunately, he did not pass his statistics course. Help him by providing the quintiles.