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150 word response to BOTH questions. Applied Business Probability and Statistics course.
Date Posted: 01/09/2021
Category: Business
Due Date: 01/09/2021
Instruction
1. The U.S. government keeps statistics on many people in America. One interesting statistic is the poverty rate. To be living in poverty, one must earn income below a certain threshold (approximately $900 per month). Many multimillionaires are included in this statistic. Recently, Barbara Streisand was "living in poverty." In a particular year, she did not perform live, and her album sales were extremely slow. She has a great deal of wealth but had little income that year. Although she has more money than 99.99% of the rest of the population, the government believed that she was impoverished. What other statistic can you name that is misleading? Why? 2. You just saw a commercial for the Tread Master, an exercise machine that claims an average weight loss of 10 pounds. A commercial for the Climber, a competing product, claims that only 1 out of 10 users of the Tread Master lost any weight at all. The rest of them gained weight. How can both of these claims be true?
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