ECO 578 SPRING 201 XXXXXXXXXXPage 1 of 18 Exam II  Work Problems from page(1 to 18): **All formula and work must be shown step by step and graphs need to be drawn.** ** Answers needs to be written in...

Please help with practice questions and show all work


ECO 578 SPRING 2019 Page 1 of 18 Exam II  Work Problems from page(1 to 18): **All formula and work must be shown step by step and graphs need to be drawn.** ** Answers needs to be written in the space provided in the box.**  Two different ways to submit your answer sheet 1. Scan your answer sheet and place it in ONE FILE at drop-box. (preferable) 2. Use MS-Word and place it in a drop-box. **To avoid penalty do not change the order of your answers and upload only one file **Excel is not acceptable for this test **Deadline: Tuesday, April 2, 2019 by 1:00 P.M. (CST) Name: _______________________ CWID: ________________________ Exam II Answer the following questions (1-20): 1) Determine the following probabilities: a) P(?3) b) P(?3 ∩ ?2) c) P(?1 ∪ ?2|?3) d) P(?1 ∪ ?3|?2) e) P(?1|?1 ∪ ?2) f) P(?1|?3) g) Are events ?1 ??? ?1 independent? Why or why not ? Payment Purchase Totals ?? ?? ?? ?? 25 15 10 50 ?? 10 40 10 60 ?? 65 15 10 90 Totals 100 70 30 200 a) b) ECO 578 SPRING 2019 Page 2 of 18 c) d) e) f) g) ECO 578 SPRING 2019 Page 3 of 18 2) Determine the following probabilities by using of the table of binomial probabilities: a) P(X=3|n=50, p=0.10) b) P(X≤5|n=10, p=0.20) c) P(X>12|n=50, p=0.30) d) P(X=9|n=20, p=0.80) a) b) c) d) 3) Let X be a binomial random variable with p = 0.7 a) For n = 3, find P(X=1) b) For n = 5, find P(X≤3) a) b) ECO 578 SPRING 2019 Page 4 of 18 4) Twenty trials are conducted in a Bernoulli process in which the probability of success in a given trial is 0.6. If X = the number of success, determine the following: a) E(X) b) ?? c) P(X=4) d) P(2≤X≤6) e) P(X>5) a) b) c) d) e) ECO 578 SPRING 2019 Page 5 of 18 5) Using the normal distribution, calculate the following probabilities: a) P(X≤16|n=50, p=0.70) b) P(10≤X≤16|n=50, p=0.50) a) b) 6) Calculate the following quantities: a) 4! 2!2! b) 6! 3!3! c) 7! 5!2! d) 6! 2!4! a) b) ECO 578 SPRING 2019 Page 6 of 18 c) d) 7) Determine the expected value, the variance, and the standard deviation of the following discrete distribution: x P[X=x] 1 0.326 2 0.214 3 0.115 4 0.304 5 0.041 ECO 578 SPRING 2019 Page 7 of 18 8) What is the difference between the discrete random variable and the continuous random variable? Please explain. 9) Find the ?? score: a) P(?≥?0)=0.5 b) P(?>?0)=0.9808 c) P(?≥?0)=0.025 d) P(?x0) =0.8770 b) P(X45) d) P(x<45) a)="" b)="" c)="" d)="" eco="" 578="" spring="" 2019="" page="" 15="" of="" 18="" 16)="" work="" the="" following="" binomial="" distribution="" problem="" by="" using="" the="" normal="" distribution="" to="" get="" probabilities:="" a)="" p(x="12|n=20" and="" p="0.40)" b)=""><27|n=100 and="" p="0.37)" a)="" b)="" 17)="" according="" to="" a="" survey="" by="" the="" u.s.="" bureau="" of="" labor="" statistics,="" 87%="" of="" all="" the="" part-time="" college="" students="" also="" work.="" if="" this="" figure="" still="" holds="" and="" if="" 100="" part-time="" college="" students="" are="" randomly="" selected,="" what="" is="" the="" probabilities="" that="" less="" than="" 70="" part-time="" college="" students="" also="" work?="" eco="" 578="" spring="" 2019="" page="" 16="" of="" 18="" 18)="" given="" a="" normally="" distributed="" population,="" a="" sampling="" distribution="" is="" summarized="" by="" µ="50," n="100" and="" σ="15." what="" is="" probabilities="" that="" a="" simple="" random="" will="" reveal="" a="" sample="" mean?="" a)="" p(x̅="">63) b) P(53<><63) c)=""><><63) d)=""><30) a)="" b)="" c)="" d)="" eco="" 578="" spring="" 2019="" page="" 17="" of="" 18="" 19)="" a="" sample="" of="" size="" n="20" is="" randomly="" selected="" from="" a="" normal="" population="" with="" mean="" µ="90" and="" standard="" deviation="" σ="5." find="" the="" following:="" a)="" p(x̅="">95) b) P(82<><91) c)=""><93) d)=""><89) a) b) c) d) eco 578 spring 2019 page 18 of 18 20) please explain the central limit theory. a)="" b)="" c)="" d)="" eco="" 578="" spring="" 2019="" page="" 18="" of="" 18="" 20)="" please="" explain="" the="" central="" limit="">