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Midterm Exam 1 | Economic Statistics - Spring 2009 | ECO 329, Exams of Economic statistics

The University of Texas at AustinEconomic statistics
Prof. Hilal Yilmaz

Material Type: Exam; Professor: Yilmaz; Class: ECONOMIC STATISTICS; Subject: Economics; University: University of Texas - Austin; Term: Fall 2009;

Typology: Exams

Pre 2010

Uploaded on 12/13/2009

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ECO329 10 am Spring 2009
Midterm 1 Dr. Hilal Yilmaz
NAME:
Show your work to get full credit. Write down the probability that you are calculating.
1. (20 pts) The time needed to assemble a particular piece of furniture with experience is
normally distributed with a mean time of 43 minutes. If 68% of the assembly times are
between 40 and 46 minutes, what is the value of the standard deviation? Suppose the
time needed to assemble another piece of furniture is not normally distributed and that
the mean assembly time is 28 minutes. What is the value of the standard deviation if at
least 77% of the assembly times are between 24 and 32 minutes?
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ECO329 10 am Spring 2009 Midterm 1 Dr. Hilal Yilmaz NAME: Show your work to get full credit. Write down the probability that you are calculating.

  1. (20 pts) The time needed to assemble a particular piece of furniture with experience is normally distributed with a mean time of 43 minutes. If 68% of the assembly times are between 40 and 46 minutes, what is the value of the standard deviation? Suppose the time needed to assemble another piece of furniture is not normally distributed and that the mean assembly time is 28 minutes. What is the value of the standard deviation if at least 77% of the assembly times are between 24 and 32 minutes?
  1. (20 pts) How would you explain to your boyfriend or girlfriend (I know they are intelligent people!) who have not studied probability at all the difference between mutually exclusive events and independent events? Illustrate your answer with easy to understand examples.
  1. (20 pts) The nation of Waipo has recently created an economic development plan that includes expanded exports and imports. The exports are normally distributed with a mean of 100 and a variance of 900 (in billion of Waipo juan). In addition, imports are normally distributed with a mean of 105 and a variance of 625 in the same units. The correlation between exports and imports is 0.70. Define the trade balance as exports minus imports. Determine the mean and the variance of the trade balance (exports minus imports).
  1. (10 pts) A western city has 18 police officers eligible for promotion. Eleven of the 18 are Hispanic. Suppose only five of the police officers are chosen for promotion and that one is Hispanic. If the officers chosen for promotion had been selected by chance alone, what is the probability that one or fewer of the five promoted officers would have been Hispanic? What might this result indicate?