Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

1. What do the following stand for?

a. 4Σi=1 xi-1

b. 4Σi=1 (i+4)

c. 3Σi=12Σj=1 xiyj

2. The annual unemployment rate in a certain locality is determined by averaging the monthly unemployment rates for the year. Let the monthly unemployment rates be X1, X2,…X12 so that the annual rate is

X‾=1/12 12Σi=1 Xi

Suppose now that we are given the average for the first eleven months,

X‾11= 1/11 11Σi=1 Xi

What would the value of X12 have to be if

(i) X‾ = X‾11

(ii) X‾ =11/12 X‾11

(iii) X‾ = X12

3. Consider three fair tosses of a coin, and let X = number of heads and Y = number of changes in the sequence of toss results (e.g., HHH has no change of sequence, HTH has two changes of sequence, etc.)

a. Construct the sample space of all outcomes of this experiment and tabulate the marginal probability distributions of X and Y.

b. Tabulate the joint probability distribution of X and Y in the form of a two-way table.

c. Tabulate the conditional probability distribution of X given Y = 1.

d. Find the values of E(X), Var(Y), E(Y), Var(Y), and Cov(X,Y).

e. Find the values of E(X|Y=1) and Var(X|Y=1).

f. Find the value of Var(2X-3Y).

g. Are X and Y uncorrelated? Are X and Y independent? describe your answers.

4. Mr. Slick makes the following offer to you. You can toss four coins (furnished by him), and he will pay you an amount equal to the square of the number of heads showing (e.g., if you get three heads, he will pay you $9). In order to play this game you must pay $4 for each four-coin toss. On the naive assumption that the coins are fair, what is your expected gain?

5. Let X be a normally distributed variable with mean μ and variance σ

2. A random sample of three observations was obtained from this population. Consider the following estimators of μ.

μ^1 =  X1+X2+X3/3          μ^2 = X1/6+X2/3+ X3/2

a. Derive the expected value and variance of each estimator.

b. Compare the properties of these estimators in terms of unbiasedness, efficiency, and consistency.

6. You are told that X ~ N(8,36). Based on a sample of 25 observations, it was found that X‾= 7.5

a. What is the sampling distribution of X‾?

b. What is the probability of obtaining an X‾ = 7.5 or less?

c. Construct a 95% confidence interval for the population mean.

7. The following random sample was obtained from a normal population with mean μ and variance σ2:
           8,9,6,13,11,8,12,5,4,14.

a. find out the sample mean X‾ and the sample variance S2 and construct a 95% confidence interval for the population mean.

b. Test:μ= 7 against μ ≠7.

c. Test:μ = 7 against μ > 7.

Note: use α = 5%.

d. Now assume that σ = 3. Redo part b and part c and find out the p value for each test.

8. You are the manager of some toll stations on a highway. To find out if your booth operators pocket any of the money they handle, you compare the revenue each operator generates with the average of all operators. You fire any attendant who consistently generates less revenue than the average. Suppose the distribution of tolls collected per day per booth is normal with a mean of $280 per day and a standard deviation of $35. You've hired a new person and recorded the following daily revenues for his toll station: $225, $235, $275, $360, $359, $175, and $150. If you are willing to accept a 5% chance of mistakenly firing someone who is honest, should you fire him? What would be the P value for your test?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91895
  • Price:- $60

Priced at Now at $60, Verified Solution

Have any Question? 


Related Questions in Microeconomics

Discussion questionconsider a group of documents that has

Discussion Question Consider a group of documents that has been selected from a much larger set of diverse documents so that the selected documents are as dissimilar from one another as possible. If we consider documents ...

Assignment production cost analysis and estimation applied

Assignment: Production Cost Analysis and Estimation Applied Problems Please complete the following two applied problems: Problem 1: William is the owner of a small pizza shop and is thinking of increasing products and lo ...

Assignmentpart idirections read the prompts below and

Assignment PART I Directions: Read the prompts below and formulate a response of at least one half of one page in length for each question. Please show Your references on a reference page 1. Explain records checks. List ...

Economic choice and economic decision makingconsider your

ECONOMIC CHOICE AND ECONOMIC DECISION MAKING Consider your last vehicle purchase and the decision making process you engaged in while deciding what vehicle to purchase or if a new vehicle was the right decision. While an ...

Article analysisplease choose an article from the wall

Article Analysis Please choose an article from the Wall Street Joumal, The Economist, Bureau of Labor/Statistics, Bureau of Economic Analysis etc... or any peer reviewed article for the UOP library. Select one subjects f ...

Question 1which of the following levels of supply chain

Question 1 Which of the following levels of supply chain information systems is most likely to provide the firm with a competitive advantage? A.Strategic planning B.Decision analysis C.Management control D.Transaction sy ...

Assignment sustainability at top shelf shoesin this course

Assignment: Sustainability at Top Shelf Shoes In this course, you will work independently to analyze sustainability issues for a hypothetical organization. The assignments follow one another so that you can apply the met ...

Assignmentdraw the graph carefully please use one graph

Assignment Draw the graph carefully. Please use one graph per country and show both the autarkyand the free trade equilibrium on each graph. Consider the following data on the factor endowments of two countries A and B: ...

Goal construct a case studyresearch paper that examines a

Goal: Construct a case study/research paper that examines a firm in the U.S. from a microeconomic standpoint and provide suggestions based on your findings. Step 1: Choose a firm for your focus. In addition to picking a ...

Question 1 the agrizone corporation invests 140140 million

Question 1. The Agrizone Corporation invests $14.014.0 million in a new inventory tracking system. A. The opportunity cost of Agrizone's decision is the value of leaving the money unutilized. B. The opportunity cost of A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro