2010_EC507_HW4

2010_EC507_HW4 - EC507Statistics for Economists Sprimg 2010...

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EC507—Statistics for Economists Sprimg 2010 Problem Set 4 1. X is a normally distributed random variable with mean equal to 7 and variance equal to 25. You draw a random sample of size 100. a. Calculate ) 8 6 ( X P and ) 8 6 ( X P . b. Explain intuitively why the two probabilities differ.
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2. Each minute a machine produces a length of rope with mean of 4 feet and standard deviation of 5 inches. Assuming that the amounts produced in different minutes are independent and identically distributed, approximate the probability that the machine will produce at least 250 feet in one hour.
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3. Suppose that 75 percent of the people in a certain metropolitan area live in the city and 25 percent of the people live in the suburbs. If 1200 people attending a certain concert represent a random sample from the metropolitan area, what is the probability that the number of people from the suburbs attending the concert will be fewer than 270?
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4. Two years after graduating from the Economics Department, you take a job at the
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This note was uploaded on 11/09/2010 for the course CAS ec399 taught by Professor Tack during the Spring '10 term at BCUC.

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2010_EC507_HW4 - EC507Statistics for Economists Sprimg 2010...

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