Statistics for Business and Economics, assignment help

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ECON 260-03 Statistics for Business and Economics Dominican University Fall 2016-2017 Lawrence Morgan GRADED ASSIGNMENT CHAPTER 5 (33 points total) NAME: __________________________ (Formulas are on page 3) 1. POINTS: __________ PERCENTAGE: _________ (based on page 239 #20) (9 points) The table shows the probability distribution of payments that an automobile insurance company makes for accident claims. (Left-double-click on the spreadsheet to activate it.) a. b. c. On the spreadsheet calculate the expected value of the claims. On the spreadsheet calculate the variance of the claims. On the spreadsheet calculate the standard deviation of the claims. Payment ($) Probability 0 0.85 500 0.04 1000 0.04 3000 0.03 5000 0.02 8000 0.01 10000 0.01 2. (based on page 251 #36) (15 points) A Gallup Poll in 2012 showed that 30% of Americans are satisfied with the state of affairs in the United States. Suppose a sample of 20 Americans is selected as part of a study of the state of the nation. (This is a binomial experiment – a person is either "satisfied" or "not satisfied") (NOTE: report answers to 2 decimal places – don't round answers to whole numbers) a. Compute the probability that EXACTLY 4 of the 20 Americans surveyed are satisfied with the state of affairs in the U.S. b. Compute the probability that AT LEAST 2 of the Americans surveyed are satisfied with the state of affairs in the U.S. (NOTE: don't forget that the number of Americans in the survey who are satisfied might be zero.) Page 1 of 3 ECON 260-03 Statistics for Business and Economics Dominican University Fall 2016-2017 Lawrence Morgan 3. c. For the sample of the 20 Americans, compute the EXPECTED number of Americans who are satisfied with the state of affairs in the U.S. d. For the sample of the 20 Americans, compute the VARIANCE of the number of Americans who are satisfied with the state of affairs in the U.S. e. For the sample of the 20 Americans, compute the STANDARD DEVIATION of the number of Americans who are satisfied with the state of affairs in the U.S. (based on page 266 #59) (9 points) The unemployment rate in the state of Arizona is 4.1%. Assume that 100 employable people in Arizona are selected randomly. (Binomial – a person is "employed" or "unemployed") (NOTE: report answers to 2 decimal places – don't round answers to whole numbers) a. What is the EXPECTED number of people who are unemployed? b. What is the VARIANCE of the number of people who are unemployed? c. What is the STANDARD DEVIATION of the number of people who are unemployed? Page 2 of 3 ECON 260-03 Statistics for Business and Economics Dominican University Fall 2016-2017 Lawrence Morgan FORMULAS: 1. Probability that a discreet random variable x has a value of xi : 𝑃(π‘₯ = π‘₯𝑖 ) = 𝑓(π‘₯𝑖 ) 2. Expected value of a discreet random variable x: 𝐸(π‘₯) = π‘₯Μ… = βˆ‘ π‘₯ βˆ™ 𝑓(π‘₯) 3. Variance of a discreet random variable x: π‘£π‘Žπ‘Ÿ(π‘₯) = 𝜎π‘₯2 = βˆ‘(π‘₯ βˆ’ π‘₯Μ… )2 βˆ™ 𝑓(π‘₯) 4. Standard deviation of a discreet random variable x: 𝜎π‘₯ = βˆšπ‘£π‘Žπ‘Ÿ(π‘₯) 5. Combinations 𝑛 𝑛! 𝐢π‘₯𝑛 = ( ) = π‘₯ π‘₯! (𝑛 βˆ’ π‘₯)! 6. Binomial probability – probability that a binomial random variable has x "successes" in n trials when the probability of success is p: 𝑛 𝑓(π‘₯) = ( ) 𝑝 π‘₯ (1 βˆ’ 𝑝)(π‘›βˆ’π‘₯) π‘₯ 7. Expected value of a binomial random variable: 𝐸(π‘₯) = 𝑛𝑝 8. Variance of a binomial random variable: π‘£π‘Žπ‘Ÿ(π‘₯) = 𝜎π‘₯2 = 𝑛𝑝(1 βˆ’ 𝑝) 9. Standard deviation of a binomial random variable: 𝜎π‘₯ = βˆšπ‘£π‘Žπ‘Ÿ(π‘₯) Page 3 of 3 ...
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mickeygabz
School: Purdue University

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ECON 260-03
Statistics for Business and Economics
Dominican University Fall 2016-2017
Lawrence Morgan
GRADED ASSIGNMENT CHAPTER 5 (33 points total)
NAME: __________________________
(Formulas are on page 3)
1.

POINTS: __________ PERCENTAGE: _________

(based on page 239 #20) (9 points)
The table shows the probability distribution of payments that an automobile insurance...

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