Suppose the birth weights of full-term babies are normally distributed with mean 3450 grams and standard deviation o = 510 grams. Complete parts (a) through (c) below. .... (a) Draw a normal curve with the parameters labeled. Choose the correct graph below. O A. OB. Oc. D. 2940 2430 3450 2940 3450 3960 3960 3450 3450 4470 2430 4470
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- Subject: Economics 1. Suppose you have two independent unbiased estimators of the same parameter, θ, say θandθ, with different variances, v ∧ 1 ∧ 2 1 and v2. What linear combination, = cθ∧ 1θ∧ 1+ c2θ∧ 2 is the minimum variance unbiased estimator of θ?Suppose that the distribution of Uber rides around the quoted arrival time is normally distributed. Themean waiting time (relative to the quoted time) is 0, with a standard deviation of 3 minutes.a. Using the empirical rule, what percentage of rides arrive within 3 minutes of the mean (3 minutesbefore to 3 minutes after)?b. Graphically depict the area that would need to be calculated to determine the probability ofwaiting more than 4 minutes for a ride. Explain your graph.Suppose the relationship between Y and X is given by: Y = 3.1415 + 6X + error By how much does the expected value of Y change if X increases by 7.23 units? (Round your answer to two decimal places: ex: 123.45)
- In any year, the weather can inflict storm damage to a home. From year to year, thedamage is random. Let Y denote the dollar value of damage in any given year.Suppose that in 95% of the years Y = 0, but in 5% of the years Y = 20,000.a. What is the mean of the damage in any year?b. What is the standard deviation of the damage in any year?c. Consider an “insurance pool” of 100 people who homes are sufficientlydispersed so that, in any year, the damage to different homes can be viewed asindependently distributed random variables. What is the probability that ?exceeds $2000?(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(Ch7) Historically, the default rate on a commercial loan is 20 percent. If a bank makes 100 commercial loans, what is the approximate probability that more than 25 loans will result in default? (hint: use the normal approximation to the binomial. And, by continuity correction, you should use 25.5 as the new cutoff.) Question 2Select one: a. 0.0668 b. 0.0838 c. 0.2000 d. 0.0336
- For all parts of this question, assume that the log of GDP per capita is normally distributed with a mean of 8.7 and standard devistion of 1.5Step 1 of 4: If the log of the world distribution of income is normaly distributed with a mean of 8.7 and a standard deviation of 1.5, what income indollars) marks the 90th percentile? KeypadAnswer A 71.325B 1.29C 41,253D 10.63Times for a surgical procedure are normally distributed. There are two methods.Method A has a mean of 28 minutes and a standard deviation of 6 minutes, whilemethod B has a mean of 32 minutes and a standard deviation of 4 minutes. (a)Which procedure is preferred if the procedure must be completed within 28minutes? (b) Thirty-eight minutes? (c) Thirty-six minutes? Explain your reasoningfully.Let X1, X2, X3, X4 have the joint probability density functionf(x1, x2, x3, x4) = (24e−(x1+x2+x3+x4), 0 < x1, x2, x3, x4 < ∞0, elsewhereLet Y1 = X1, Y2 = X2 − X1, Y3 = X3 − X2, Y4 = X4 − X3.(i) Using the change of variable technique, find the joint probability density functionof Y1, Y2, Y3, Y4(ii) Find the conditional distribution of Y4 given Y1, Y2, Y3
- According to a recent Wall Street Journal article, about 2% of new US car sales are electric vehicles (data from Edison Electric Institute reported by Jinjoo Lee, "Peak Oil? Not This Year. Or This Decade," January 9, 2021 pg. B12). Suppose a company has 111 employees who drive new cars (separately) to work each day. What is the probability that at least one of them will drive an electric car? 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 price for two tickets (including online service charges), a large popcorn, and two medium soft drinks at a sample of six theatre chains is as follows: $36.15 $31.00 $35.05 $40.25 $33.75 $43.00 (a) Compute the mean and median. (b) Compute the variance, standard deviation, and range. (c) Are the data skewed? If so, how? (d) Based on the results of (a) through (c), what conclusions can you reach concerning the cost of going to the movies?Suppose the market for auto insurance is made of up two types of buyers: high-risk and low-risk. Buyers’ willingness to pay (WTP) for auto insurance plans, and sellers’ willingness to accept (WTA) when selling plans to each type of buyer, are outlined in a photo Assume now that there is asymmetric information and that insurance companies do not knowhow risky an individual buyer is. In the face of this uncertainty, they determine that the probability that a “walk-in” is high-risk is 0.75. What is the minimum price sellers are willing to accept when selling aninsurance plan? At this price, will low- and high-risk buyers both be willing to purchase this insurance plan? Explain. Be sure the mention adverse selection in your answer. Returning to the conditions outlined in Q1, suppose that buyers of auto insurance (high- and low-risk) were offered a $1,000 subsidy to purchase coverage. This would raise their WTP by $1,000. Would the market for both insurance plans clear after the…