Exam 2a Fa 06 KEY - ECON 2843 010 Exam 2 Fall 2006 Form A...

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ECON 2843 – 010 Name KEY Exam 2 ID # Fall 2006 Lab Instructor Form A Lab Meeting Time Students must show all work on problems that involve calculation, even if the answer is multiple choice. Questions 1 – 3 refer to the following. The dollar amounts for loans made to earthquake victims are normally distributed with a mean of $6,000 and a standard deviation of $1,200. 1. If we randomly sample nine of these loans, what is the probability that the sample mean will be between $6,580 and $7,120? (10 points) a. .0709 * b. .1394 c. .6844 d. .8606 e. .9291 2. If thirteen of these loans are randomly selected, what is the probability that the sample variance will be less than 528,000? (10 points) .025 3. Suppose that we randomly sample 64 of these loans. What is the probability at most 41 will have a dollar amount of $6,000 or more? (10 points) .9878 1
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4. Circle true or false. As the sample size increases, the variance of the sample mean becomes smaller. (5 points) True False 5. Circle true or false. As the sample size increases, the distribution of the sample mean approaches the Normal distribution. (5 points)
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Exam 2a Fa 06 KEY - ECON 2843 010 Exam 2 Fall 2006 Form A...

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