2 - MIT OpenCourseWare http:/ocw.mit.edu 14.30 Introduction...

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MIT OpenCourseWare http://ocw.mit.edu 14.30 Introduction to Statistical Methods in Economics Spring 2009 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms .
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Problem Set #2 14.30 - Intro. to Statistical Methods in Economics Instructor: Konrad Menzel Due: Tuesday, February 24, 2009 Question 1 Recall that a random variable X has the binomial distribution if where n is the number of trials and p is the chance of success. For the following crudely-disguised questions about the binomial distribution, do the following: Define p, n, what the specific "trials" are, what "success" is. Then write down the relevant distribution and answer the specific question. 1. If 25 percent of the balls in a certain box are red, and if 15 balls are selected from the box at random, with replacement, what is the probability that more than four red balls will be obtained? 2. (3 pts.) Suppose an economist is organizing a survey of American minimum wage workers, and is interested in understanding how many workers that earn the minimum wage are teenagers.' Suppose further that one out of every four minimum wage workers is a teenager. If the economist finds 80 minimum wage workers for his survey, what's the probability that he interviews exactly 14 teenagers? 35 teenagers? What's the probability that he gets at least 5 teenagers in his survey? 3. (Bonus Question) A city has 5000 children, including 800 who have not been
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This note was uploaded on 01/30/2010 for the course STAT 430 taught by Professor Jones during the Fall '10 term at Napa Valley College.

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2 - MIT OpenCourseWare http:/ocw.mit.edu 14.30 Introduction...

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