Private consumption as a share of gdp is a random quantity


Question: Private consumption as a share of GDP is a random quantity that follows a roughly normal distribution. According to an article in BusinessWeek, for the United States that was about 71%. Assuming that this value is the mean of a normal distribution, and that the standard deviation of the distribution is 3%, what is the value of private consumption as share of GDP such that you are 90% sure that the actual value falls below it?

Solution Preview :

Prepared by a verified Expert
Basic Statistics: Private consumption as a share of gdp is a random quantity
Reference No:- TGS02488129

Now Priced at $15 (50% Discount)

Recommended (97%)

Rated (4.9/5)