ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
thumb_up100%
Let x be a |
μ = | 125 |
σ = | 30 |
8 | What fraction of the distribution is below | 90 | ? | |||
a | 0.1533 | |||||
b | 0.1419 | |||||
c | 0.1314 | |||||
d | 0.1217 |
Expert Solution
arrow_forward
Introduction
In probability theory and statistics, the Normal Distribution, often known as the Gaussian Distribution, is the most common continuous probability distribution. It's also known as a bell curve. The normal distribution represents a large number of random variables either nearly or exactly in every physical discipline and economics.
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Using the normal distribution table find Z0 such that: P(Zz Zo) = .0918 2.57 1.33 1.64 1.87arrow_forward(c) The price of a 14 oz cup of coffee in Sunshine cafés is a random variable C with an expected value of $3.00 and a standard deviation of $1. At any given shop, the price doesn't vary, but it varies independently across shops. Tomorrow morning, you plan to buy two 14 oz cups of coffee from the same shop while your friend plans on buying two from two different shops. (i) How much do you expect to spend on coffee tomorrow and with what standard deviation? (ii) How much do you expect your friend to spend and with what standard deviation? (iii) Who do you think has a better idea and why?arrow_forwardThe cost C(Q) of producing a quantity Q of widgets to satisfy demand isC(Q) = 4000+20Q, but the quantity demanded is random. If the mean and standarddeviation of demand are 500 and 200, respectively, then what are the mean andstandard deviation of costs?arrow_forward
- The sum of the probabilities for all the experimental outcomes in a probability distribution must equal 1. True O Falsearrow_forwardGiven that Z is distributed as a standard normal random variable, what is Pr(Z > -0.04)? Round your answer to three decimal places, e.g. 0.251.arrow_forwardA bakery has determined that the number of loaves of its white bread demanded daily has a normal distribution with mean 7,200 loaves and standard deviation 300 loaves. Based on cost considerations, the company has decided that its best strategy is to produce a sufficient number of loaves so that it will fully supply demand on 94% of all days. a. How many loaves of bread should the company produce? b. Based on the production in part (a), on what percentage of days will the company be left with more than 500 loaves of unsold bread?arrow_forward
- The error term is heteroskedastic if var(uil Xi = x) depends on x. var(uil Xi = x) is constant for i = 1,..., n. Xi is normally distributed. there are no outliers.arrow_forwardLet z be the standard normal random variable. 1 Find P(z > 1.45) a 0.0452 b 0.0531 c 0.0625 d 0.0735arrow_forwardGiven a sample with a mean of 151 and a standard deviation of 27, find the probability that a randomly selected value from the sample will be less than 187.0. Round your answer to 3 decimal places, e.g. 0.194. Pr(X < 187.0)arrow_forward
- Question 3 Saved 4) Listen A customer service team receives an average of 376 emails every day. Assume that the standard deviation for the number of emails is 96 emails. A random sample of 40 days was selected. a. What is the expected value of the sample mean? b. What is the standard deviation of the sample mean? Round your answer to two decimal places (e.g. 2.12). c. What is the probability that the average number of emails received was between 360 and 372? Round your answer to two decimal places with a leading zero (e.g. 0.18).arrow_forwardA campus finance officer finds that, for all parking tickets issued, fines are paid for 78% of the tickets. The fine is $2. In the most recent week, 620 parking tickets have been issued.a. Find the mean and standard deviation of the number of these tickets for which the fines will be paid.b. Find the mean and standard deviation of the amount of money that will be obtained from the payment of these fines.arrow_forwardAccording to a 2017 Wired magazine article, 40% of e-mails that are received are tracked using software that can tell the e-mail sender when, where, and on what type of device the e-mail was opened (Wired magazine website). Suppose we randomly select 50 received e-mails. a. What is the expected number of these e-mails that are tracked? b. What are the variance (to the nearest whole number) and standard deviation (to 3 decimals) for the number of these e-mails that are tracked? Variance Standard deviationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education