ARE106SU09MT1

ARE106SU09MT1 - Name Last 4 digits of your Student ID...

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Name:________________________ Last 4 digits of your Student ID Number:__________ Managerial Economics (ARE) 106 University of California, Davis, Summer Session II, 2009 Dr. John H. Constantine Midterm 1, Thursday, August 13, 2009 75 TOTAL POINTS
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1 Problem 1 (25 points; 5 points for each part) : Joe, a building contractor, claims he can renovate a 200-square foot kitchen and dining room in 40 work hours, on average, with a standard deviation of 5 hours ( μ = 40; σ = 5). Given his past history of renovating buildings, Joe assumes that similar projects are normally distributed with the mean and standard deviation as noted above. (a) What is the likelihood that a given project will be completed in less than 35 hours? (b) What is the likelihood that a given project will be completed in between 28 and 32 hours? (c) What is the likelihood that a given project will be completed in between 38 and 50 hours? (d) We would expect that 10% of such projects will require more than how many hours? (e) Calculate the lower and upper bounds for the random variable which contains the middle 50%” of such projects (that is, those that fall within quartiles 2 and 3). The term “quartile” is used on Homework 1 .
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This note was uploaded on 11/19/2009 for the course ARE ARE106 taught by Professor Constantine during the Spring '09 term at UC Davis.

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ARE106SU09MT1 - Name Last 4 digits of your Student ID...

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