2010_EC507_HW1

2010_EC507_HW1 - EC 507Statistics for Economists Spring...

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EC 507—Statistics for Economists Spring 2010 Problem Set 1 1. Two six-sided dice are thrown sequentially, and the face values that come up are recorded. a. List the sample space. b. List the elements that make up the following events: i. A = the sum of the two values is at least 5 ii. B = the value of the first die is higher than the value of the second iii. C = the product of the two face value is odd c. List the elements in the following events: i. B A D = ii. c C A E =
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2. First consider the outcome of flipping a coin two times. a. What is the probability that the first toss is a heads? b. What is the probability that both tosses show as heads? Now consider the local elections for county executives in two neighboring counties. Most recent and reliable polls show that 50% of likely voters favor the democratic candidates in both elections. c. How would you express the probability that both democratic candidates will win the county executive seat in generic mathematical notation? d. Is this probability that both democratic candidates win 25%? Why or why not?
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3. You are a contestant on a game show. The host of the show presents you with a
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2010_EC507_HW1 - EC 507Statistics for Economists Spring...

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