Workshop 6_Solutions(1)

# Workshop 6_Solutions(1) - BUSS1020 Quantitative Business...

This preview shows pages 1–4. Sign up to view the full content.

BUSS1020 Quantitative Business Analysis University of Sydney Workshop 6 Solutions Prepared by: Scott Liu Workshop Aims 1) Use normal tables, Excel and StatCrunch to calculate a normal probability. 2) Use normal tables, Excel and StatCrunch to calculate a specific value given the normal probability. 3) Translate problems into a probability statement and solve them. 4) Perform calculations involving the Uniform distribution. 5) Perform calculations for the exponential distribution.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
BUSS1020 Quantitative Business Analysis Workshop 6 Solutions Workshop 6 Question 1 (BLS Q1, p. 246) Given a standardised normal distribution (with mean of 0 and a standard deviation of 1), what is the probability that: (a) Z is less that 1.57? (b) Z is greater than 1.84? (c) Z is between 1.57 and 1.84? (d) Z is less than 1.57 or greater than 1.84? Solution (a) Z is less that 1.57? P ( Z < 1.57) = 0.9418 (b) Z is greater than 1.84? P ( Z > 1.84) = 1 - P ( Z < 1.84) = 1 - 0.9671 = 0.0329 (c) Z is between 1.57 and 1.84? P (1.57 < Z < 1.84) = P ( Z < 1.84) - P ( Z < 1.57) = 0.9671 - 0.9418 = 0.0253 (d) Z is less than 1.57 or greater than 1.84? P ( Z > 1.57 or Z > 1.84) = P ( Z < 1.57) + P ( Z > 1.84) = 0.9418 + 0.0329 = 0.9747 University of Sydney Page 2
BUSS1020 Quantitative Business Analysis Workshop 6 Solutions Question 2 (BLS Q6, p. 246) Given a normal distribution with μ = 50 and σ = 4, what is the probability that: (a) X > 43?

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern