Business Degree Certification Practice Test 2025 – All-in-One Comprehensive Guide to Exam Success!

Question: 1 / 400

According to Chebyshev's Theorem, what proportion of the faculty earns more than $26,000 but less than $38,000 if the mean income is $32,000 with a standard deviation of $3,000?

At least 50%

At least 25%

At least 75%

Chebyshev's Theorem provides a way to quantify the proportion of values that lie within a specified number of standard deviations from the mean in any distribution, regardless of its shape.

In this scenario, the mean income is $32,000 with a standard deviation of $3,000. The income range you are considering is between $26,000 and $38,000. To analyze this, determine how many standard deviations away from the mean these values are.

1. For the lower limit of $26,000:

- The distance from the mean is $32,000 - $26,000 = $6,000.

- This distance corresponds to $6,000 / $3,000 = 2 standard deviations below the mean.

2. For the upper limit of $38,000:

- The distance from the mean is $38,000 - $32,000 = $6,000.

- This distance corresponds to $6,000 / $3,000 = 2 standard deviations above the mean.

Thus, the range from $26,000 to $38,000 spans 2 standard deviations below and above the mean income of $32,000. According to Chebyshev's The

Get further explanation with Examzify DeepDiveBeta

At least 100%

Next Question

Report this question

Download Business Degree Certification Practice Test 2025 – All-in-One Comprehensive Guide to Exam Success! PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy