ECO 045 - Practice Problems for Final Exam - Part1_Spring 2023

Q. 2. Explain why there must be mistake in the following statement: "A quality control engineer claims that the probability that a large consignmen of glass bricks contians 0, 1, 2, 3, 4 or 5 defectives are 0-11%; 0-23, 0-37, 0-26, 0-009 and 0-05 respectively".

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Q3/ The probability that a consumer will rate a new antipollution device for cars What are the probabilities that it will rate the device (a) very poor, poor, fair, or good; (b) good, very good, or excellent? Rate Poor Fair Very good Excellent Very poor Good Probability 0.07 0.12 0.17 0.32 0.21 0.11

The average marks on an Economics Assignment is 55%, with a standard deviation of 5%. The Examiners note that the distribution of the marks is normal. A. Define 'Normal Distribution' including key properties and illustrate with a diagram.  What is the proportion of frequencies below 35%?  What is the proportion of frequencies above 80%?  What is the proportion of marks between 40% and 70% ?

Answer letter D only. Show complete solution. Thank you!

Question 5 Calculate the variance of the outcome of rolling a fair 8-sided dice. Add your answer 16. 12 리 10 12/8 8 228 10 12

FIVE. Which of the following is true about standard deviation?     The first step in calculating the standard deviation is calculating the square root.   The second step in calculating the standard deviation is to subtract each measurement from the intermediate value and then square that difference.   The last step in calculating the standard deviation is to sum the squared values and divide by the number of values minus one.   Standard deviation is a type of average where the positive and negative numbers sum to zero.   The amount of difference of the measurements from the central value is called the sample standard deviation.

a. A company produces lightbulbs whose life follows a normal distribution, with mean 1200 hours and standard deviation 250 hours. If we choose a lightbulb at random, what is the probability that its lifetime will be between 900 and 1300 hours? (answer in three decimal places)

Question 17.plz zoom it's clear

10. Calculate a joint probability given data: -Sample of 9000 firms. 6000 have CEO with Bachelor's degree, 2300 have CEO with Master's Degree, 700 have CEO with Ph. D. Find probability that a randomly selected CEO has a Bachelor's Degree or a Ph. D.

3. A salesman who frequently drives from Muscat to Sohar finds that his driving time is a random variable having roughly a normal distribution with mean 4.3 hours and standard deviation 0.2 hour. Find the probabilities that such a trip will take a. more than 4.0 hours, b. less than 5.0 hours. C. Between 3.5 and 5.5 hours

1. Imagine a person who wants to find a job within two months. Define X corresponding to the outcome, such that X = 1 if the person finds a job and X = 0 otherwise. (a) Explain why X can be viewed as a random variable. What is the support of X? (b) Suppose the probability of finding a job is 0.75. What is the probability distribution of X? Be specific.

30 A large number of students took a departmental math test 6.5% of students scored  88 or more from the scale of 100. The scores have a bell-shaped distribution with a standard deviation of  8.2 If the minimum score to pass the test is  62 what fraction of the students failed the test? a 0.0488 b 0.0542 c 0.0602 d 0.0719

not use ai please

(Ch 7) A large number of MBA applicants are given an aptitude test. Scores are normally distributed with a mean of 460 and standard deviation of 80. Now, we can apply inverse normal to find the top 2.5 percent of the applicants score at least about ____. a. 606 b. 600 c. 617 d. 646

Give typing answer with explanation and conclusion

5.100 Tossing a die. You are tossing a balanced die that has probability 1/6 of coming up 1 on each toss. Tosses are independent. We are interested in how long we must wait to get the first 1. (a) The probability of a 1 on the first toss is 1/6. What is the probability that the first toss is not a 1 and the second toss is a 1? (b) What is the probability that the first two tosses are not 1s and the third toss is a 1? This is the probability that the first 1 occurs on the third toss. 4 (c) Now you see the pattern. What is the probability that the first 1 occurs on the fourth toss? On the fifth toss?

p The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547 (Magoosh website). Assume that GMAT scores are bell-shaped with a standard deviation of 100. Use the empirical rule to answer the following. a. What percentage of GMAT scores are 647 or higher (to 1 decimal)? % b. What percentage of GMAT scores are 747 or higher (to 1 decimal)? c. What percentage of GMAT scores are between 447 and 547 (to 1 decimal)? d. What percentage of GMAT scores are between 347 and 647 (to 1 decimal)?

A city in Metro Manila conducted a survey on selling a Modernized PUV. They have surveyed 2 questions to the 1000 Filipino jeepney drivers/operators. a. Question 1: Would you buy a Modernized PUV for P50,000/month? 20 people Would you buy a Modernized PUV for P5,000/month? 700 people Would you buy a Modernized PUV for P500/month? 900 people Would you buy a Modernized PUV for P50/month? 1000 people b. Question 2: Would you sell your Modernized PUV for P50,000/month? 950 people Would you sell your Modernized PUV for P5,000/month? 500 people Would you sell your Modernized PUV for P500/month? 90 people Would you sell your Modernized PUV for P50/month? 3 person What would be the suitable balance of price? (Hint: Use two-point formula) What would be the number of people interested?

1. Suppose the prices of used cars in the market are normally distributed with a mean of $15,000 and a standard deviation of $7,5000. What is the probability of selecting a car from this market and its priced above $20,000.

two sub part of one question So anwer both a and b  Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

The owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows:  SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000     1,000   Medium   500     2,500   Large   0     3,000      For what range of probability that demand will be high, will she decide to lease the medium facility?

The injured football player Bad news everyone! There is 1 second left in the game, and Tom Brady has injured himself. The matrices below depict the relative probabilities of winning givenan offensive and a defensive play call. (The row player is the New England Patriots and the column player is the opponent.) How much has the all star's home team probability of winning decreased due to the injury? Pass uny Patriots D Pass .4, .6 D Run .9,.1 .8,.2 .5,.5 Pass Run Opponent D Pass D Run .06, .94 .32, .68 .8,.2 .5,.5

Question 2 The following probability distribution table shows the number of cars the top Sales Agents at Car Plus sells in a day and their corresponding probability. Number of cars, x 0 1 2 B 4 Probability, P(X = x) 0.10 0.20 0.30 a 0.05 a) Calculate the value of a b) On a typical day, how many cars should the top sales agent expect to sell? c) What is the variance of the distribution? [2] [3]

QUESTION 2 The amount of time spouses shop for anniversary cards can be modeled by an exponential distribution with the average amount of time equal to 38 minutes. What is the probability that a randomly selected spouse spends at least 30 minutes to shop for anniversary card?