ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Only question #1. Little stuck.

1. The following probability distribution represents the number of
people living in a Household (X), and the probability of occurrence
(P(X). Compute the Expected Value (mean), the Variance and the
Standard Deviation for this random variable. Show Your
Calculations for the Mean.
X 1 2 3 4 5
P(X) 33 29 27 07 .04
2. Use the binomial formula to compute the probability of a student
getting 8 correct answers on a 10 question Quiz, if the probability
of answering any one question correctly is 0.64. SHOW YOUR
WORK
3. Submit your answers to the following binomial questions. You
may use the appendix table BE2 to answer parts (a) and (b).
According to a government study, 20%of all children live in a
household that has an income below the poverty level. If a random
sample of 15 children is selected:
a) what is the probability that 6 or more live in poverty?
b) what is the probability that 5 live in poverty?
c) what is the expected number (mean) that live in poverty?
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Transcribed Image Text:1. The following probability distribution represents the number of people living in a Household (X), and the probability of occurrence (P(X). Compute the Expected Value (mean), the Variance and the Standard Deviation for this random variable. Show Your Calculations for the Mean. X 1 2 3 4 5 P(X) 33 29 27 07 .04 2. Use the binomial formula to compute the probability of a student getting 8 correct answers on a 10 question Quiz, if the probability of answering any one question correctly is 0.64. SHOW YOUR WORK 3. Submit your answers to the following binomial questions. You may use the appendix table BE2 to answer parts (a) and (b). According to a government study, 20%of all children live in a household that has an income below the poverty level. If a random sample of 15 children is selected: a) what is the probability that 6 or more live in poverty? b) what is the probability that 5 live in poverty? c) what is the expected number (mean) that live in poverty?
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