Econ 210 Spring 2009 Problem Set 5

Econ 210 Spring 2009 Problem Set 5 - Econ 210 Fruehling...

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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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