midterm1-11am - ECO329 10 am Midterm 1 NAME: Spring 2009...

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ECO329 10 am Spring 2009 Midterm 1 Dr. Hilal Yilmaz NAME: Show your work to get full credit. Write down the probability that you are calculating. 1. (20 pts) The time needed to assemble a particular piece of furniture with experience is normally distributed with a mean time of 43 minutes. If 68% of the assembly times are between 40 and 46 minutes, what is the value of the standard deviation? Suppose the time needed to assemble another piece of furniture is not normally distributed and that the mean assembly time is 28 minutes. What is the value of the standard deviation if at least 77% of the assembly times are between 24 and 32 minutes?
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2. (20 pts) How would you explain to your boyfriend or girlfriend (I know they are intelligent people!) who have not studied probability at all the difference between mutually exclusive events and independent events? Illustrate your answer with easy to understand examples.
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3. (20 pts) You are responsible for detecting the source of the error when the computer
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This note was uploaded on 10/25/2010 for the course ECO 329 taught by Professor K during the Spring '08 term at University of Texas at Austin.

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midterm1-11am - ECO329 10 am Midterm 1 NAME: Spring 2009...

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