6_Problem_Set

6_Problem_Set - numbers This law states that as more...

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PAM 210 Professor Owens Problem set 6 3/9/08 1) a. mean: 16 Sd: 36 b. mean: -12 sd: c. mean: 9 sd: 6 d. mean: sd: e. mean: sd: 4.46) a. probability that more than one person lives in this household: .73 b. .3 c. .67 4.52) a. .144 b. approve=a disapprove=d a,a,a: .216 a,a,d: .144 a,d,d: .096 d,d,d: .064

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a,d,a: .144 d,a,d: .096 d,d,a: .096 d,a,a: .144 c. 1.2 d. x>2 probability: .352 4.57) .024 4.66) This process is more effective with a lot of invoices rather than a few due to the law of large
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Unformatted text preview: numbers. This law states that as more observations are drawn and incorporated into the calculation, the closer gets to μ. In other words the more invoices used in the calculation the closer the estimated mean will be to the actual mean. This makes it easier to detect fake invoice amounts because the mean calculated from the invoices provided should equal the expected mean, if it doesn’t then the invoices could be fake....
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6_Problem_Set - numbers This law states that as more...

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