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Quiz2 Sp 05 KEY

Course: ECON 2843, Spring 2008
School: The University of Oklahoma
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Word Count: 341

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2843 ECON Quiz 2 Spring 2005 Name ID # KEY Students must show all work on problems that involve calculation. Questions 1 - 3 refer to the following table, which gives the joint probability distribution for workers and shifts at Flex Furniture Company. The company has decided to conduct random drug testing. Shift 1 Worker Male Female Total 1. .25 .20 .15 .24 .32 .57 2 3 Total If a female is selected for...

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2843 ECON Quiz 2 Spring 2005 Name ID # KEY Students must show all work on problems that involve calculation. Questions 1 - 3 refer to the following table, which gives the joint probability distribution for workers and shifts at Flex Furniture Company. The company has decided to conduct random drug testing. Shift 1 Worker Male Female Total 1. .25 .20 .15 .24 .32 .57 2 3 Total If a female is selected for testing, what is the probability that she will be a shift 2 worker? a. b. c. d. e. .15 .28 .35 .49 .65 * 2. What is the probability that a worker will NOT work on shift 1? a. b. c. d. e. .15 .25 .35 .68 .75 * 3. The primary goal of NCAA division 1 basketball teams is to earn a place in the Final 4 and participate in March Madness. How many ways are there to obtain the Final 4 from the field of 64 teams who will enter the tournament? 635,376 1 Questions 4 7 refer to the following. An Econ 2843 course consists of sophomores and juniors. Ten percent of the students who take Econ 2842 fail the course. Among those students who pass, 25% are sophomores. 67.5% of the students are juniors that pass the class. 7.5% of the are students juniors who failed the class. Of those who pass, 20% will receive an A for the course. 4. What is the probability that a randomly selected student will be a junior? a. b. c. d. e. .225 .25 .675 .70 .75 * 5. If a student is a sophomore, what is the probability that he/she will pass the class? a b c d e. .12 .32 .38 .40 .90 6. Show whether the events "being a sophomore" and "passing the course" are statistically independent. yes 7. What is the probability that a student will not make an A? .82 2 Questions 8 10 refer to the following. A market survey determines the joint probability distribution for average daily price (X) and daily sales (Y) for a small store. The following table shows the joint probability distribution in this situation. Price (X) \$12 .6 \$8 Sales (Y) 20 28 .05 .15 8. Calculate the expected value for daily sales. a. b. c. d. e. 10 11.2 22.8 24 38 * 9. Determine the covariance between these two variables. a. b. c. d. e. 2.56 * 0.90 0.44 0 1.56 10. If the price is \$12, what is the probability that sales will be 28? a. b. c. d. e. .20 .25 .35 .60 .75 * 3
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