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Calculating probabilities for specific values of the sum of values of a sample

Course: ECON 113, Spring 2012
School: UCSC
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probabilities Calculating for specific values of the sum of values of a sample. 1st step Go over step by step procedure to work out the expected value and standard error for the sum of values of a sample 2nd step At this point you will be able to say the SUMS of values of a sample of size n should follow a normal distribution with a given center (given by EV) and spread (given by SE). 3rd step Draw a rough...

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probabilities Calculating for specific values of the sum of values of a sample. 1st step Go over step by step procedure to work out the expected value and standard error for the sum of values of a sample 2nd step At this point you will be able to say the SUMS of values of a sample of size n should follow a normal distribution with a given center (given by EV) and spread (given by SE). 3rd step Draw a rough sketch of the histogram for the sums on and represent it all the information you have. Make sure you represent the area corresponding to the probability that is being asked from you. 4th step Standardize the numbers that define the area in question and draw the corresponding area in a new histogram. This histogram should represent the z-scores of the standardized values. 5th step Use the normal table to figure out the areas that are requested. 6th step State your final answer.
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UCSC - ECON - 113
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UCSC - ECON - 113
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UCSC - ECON - 113
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UCSC - ECON - 113
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UCSC - ECON - 113
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UCSC - ECON - 113
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UCSC - ECON - 113
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University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
University of Sydney - MATH - 2061
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