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Pareto Distribution - Worked Example
Suppose the distribution of monthly salaries of full-time workers in the UK has a Pareto distribution with minimum monthly salary $x_m = 1000$ and concentration factor $\alpha = 3$.
Exercises
A. Calculate the mean monthly salary of UK full-time workers.
B. Calculate the probability that a UK full-time worker earns more than 2000 per month.
C. Calculate the median monthly salary of UK full-time workers.
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