Suppose that in a city of 120,000 people the average income is 40,000 (dollars). Use the...

Suppose that in a city of 120,000 people the average income is 40,000 (dollars). Use the basic estimates we learned for ”tail probabilities” to:

(a) Find an upper bound for the number of people in the city with income above 60,000 dollars.

(b) Find a smaller upper bound, given that the standard deviation of the incomes is 1000 dollars.

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