Econ 210 Fruehling Quarter 2009 Problem Set 5 Due Date: 5/11/2009 Solve the following Problems. Show your work. 1.True/False: a.The Central Limit Theorem ensures that an estimator is close to the true population value as the sample size gets large b.An estimate is a random variable c.If Y~(8,2) and N=1000 then P(Y>8)=0.5 d.A biased estimator cannot be consistent e.No estimator of the population mean has a lower variance than the sample mean 2.What is the difference between unbiasedness and consistency? 3.Let Y~(50, 81). Answer questions b)-f) assuming your sample size=100. a)Why do have to use the central limit theorem to answer b)-d) b)Calculate P(Y>52.5) c)Calculate P(Y<51.5) d)Calculate P(48.24<
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