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Econometrics.HW 1_feng ye.docx - Econometrics and...

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Econometrics and Forecasting for Business (ECO 627QB)Assignment # 1Name: Feng Ye, #338225Answer the following questions. Show all your work. You can use Excel if you sochoose:1.According to USA Today, the average credit card debt for college senior is $3,262. If creditcard debt is normally distributed with a standard deviation of $1,100. What is the probabilitythat a randomly selected college senior owes more than $4,000?
2.According to the Chronicle of Higher Education, full-time Ph.D. students receive an average of$12,837 per year. If the average salary is normally distributed with a standard deviation of$1,500. Find the percentage of full-time Ph.D. students who makes more than $15,000 ayear?
3.The average undergraduate cost of tuition, fees, room and board for four-year institution inthe academic year 2004-05 was $26,489. Suppose thatσ= $3,204 and that 36 four-yearinstitutions are randomly selected. Find the probability that the sample mean cost for these36 schools isa.

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