PS 4 full - ECON 2843 Problem Set 4 1 Problem 5.16 in...

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ECON 2843 Problem Set 4 1. Problem 5.16 in Newbold on p. 144. Students in a large accounting class were asked to rate the course by assigning a score of 1, 2, 3, 4, or 5 to the course. A higher score indicates that the students received greater value from the course. The accompanying table shows proportions of students rating the course in each category. Rating 1 2 3 4 5 Proportion .07 .19 .28 .30 .16 Find the mean and standard deviation of the ratings. 2. Problem 5.20 in Newbold on p. 152. A production manager knows that 5 % of components produced by a particular manufacturing process have some defect. Six of these components, whose characteristics can be assumed to be independent of each other, were examined. a. What is the probability that none of these components has a defect? b. What is the probability that one of these components has a defect? c. What is the probability that at least two of these components have a defect? 3.
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PS 4 full - ECON 2843 Problem Set 4 1 Problem 5.16 in...

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