2004-10+Test1S - ECMB11H3 Section L30 Quantitative Methods...

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1 ECMB11H3 Section L30 Quantitative Methods in Economics I Division of Management University of Toronto at Scarborough Fall 2004 Dr. Yu Test 1 Date: Wednesday October 13, 2004 Time allowed: Two (2) hours Aids allowed: Calculator and one aid sheet (two 8.5”x11” pages) prepared by student. Notes: This test consists of 20 questions in 9 pages including this cover page. It is the student’s responsibility to hand in all pages of this test. Any missing page will get zero mark. Show your work in each question in Part II. This test is worth 30% of your course grade. Print Last Name: Solution Given Name(s): Student Number: Do not write on the space below, for markers only. Page Question Total Mark 2-4 1-15 45 5 16 10 6 17 10 7 18 10 8 19 10 9 20 15 Total 100
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2 Part I. Multiple Choice. 3 marks in each question. No part mark. Circle only one answer . If there are more than one correct answers, circle the best one . 1. The variance in the sample {1, 0, -1} is closest to (a) 3 1 (b) 3 2 (c) 2 1 (d) 1 (e) none of these 2. The probability distribution for damage claims paid by an insurance company on collision insurance is Payment($) 0 400 1000 2000 4000 6000 Probability 0.90 0.04 0.03 0.01 0.01 0.01 The expected collision payment is closest to (a) 100 (b) 125 (c) 166 (d) 1914.29 (e) 2233.33 3. If P(A) = 0.3 and P(B) = 0.4, which one of the following statements is wrong ? (a) If A and B are independent, then P(A t B) = 0.58 (b) If A and B are mutually exclusive, then P(A t B) = 0.7 (c) 0.4 P(A t B) 0.7 (d) all of the above is true (e) at least one of the above is NOT true. 4. If A and B are independent events with P(A) = 0.35 and P(B) = 0.20. The probability P(A t B) is equal to (a) 0.07 (b) 0.48 (c) 0.55 (d) 0.62 (e) none of these 5. If P(A) = 0.45, P(B) = 0.55 and P(A t B) = 0.78, then P(A B) is equal to (a) 0 (b) 0.22 (c) 0.40 (d) 0.45 (e) none of these 6. Suppose () 2 . 0 = B A P , () 6 . 0 = A P and () 5 . 0 = B P . The probability C C B A P is equal to (a) 0.2 (b) 0.4 (c) 0.6 (d) 0.8 (e) none of these
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3 Questions 7-10. Use the following information . Suppose the average repair cost on TV is $100 with a standard deviation $20. 7. The percent of the TV is repaired at the cost between $60 and $140 is (a) At least 75% (b) Approximately 75% (c) At least 95% (d) Approximately 95% (e) none of these. 8. Suppose the repair cost on TV follows approximately a bell-shape curve. The percent of the TV is repaired at the cost more than $140 is approximately (a) 0.5% (b) 1% (c) 1.5% (d) 2% (e) 2.5% 9. Suppose the repair cost on TV follows approximately a bell-shape curve. A TV
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2004-10+Test1S - ECMB11H3 Section L30 Quantitative Methods...

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