HW Answers for More Questions for Chapter 3: Probability
a. True by definition
b. False, only the sum of the probabilities of mutually exclusive events which are
collectively exhaustive sum to 1.
c. True, C xn =
= Cnn x =
x !(n x)!
Homework Answers for Chapter 2 Using Numerical Measures to Describe Data
CPI percentage growth forecasts: 3.0, 3.1, 3.4, 3.4, 3.5, 3.6, 3.7, 3.7, 3.7, 3.9
a. Compute the sample mean x = i =
b. Compute the sample median : median positio
Homework Questions for Chapter 1 Using Graphs to Describe Data
1.5. A random sample of tourists in China was asked a series of questions. Identify the type of
data that is likely to be used in the answer of each question.
a. What is your favorite tourist
Homework Questions for Chapter 2 Using Numerical Measures to Describe Data
2.3. Ten economists were asked to predict the percentage growth in the Consumer Price Index
over the next year. Their forecasts were as follows:
Homework Answers for Chapter 1 Using Graphs to Describe Data
Categorical, nominal (The response is categorical because the responses can be
grouped into classes or categories. The measurement levels are nominal because the responses
are words that
Homework Answers for Chapter 3 Element of Chance: Probability Methods
a. The complement of event A is that it will take 4 days or less before the
machinery becomes operational.
*Note: more than 4 days does not include 4 days. Its 5, 6 or 7 days.
Prof. Dr. Burak Gnalp
H.U. Department of Economics
ECO 235 Microeconomic Theory I - Exercises:
1. Let the consumer's preferences be characterized by
u( x1, x2 ) 3x1 4x2
Assuming that p1 3 and p2 3 , how much does the consumer have to consume x1
and x2 to