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

Assignment multiyear plans and Assignment: Multiyear Plans and Analysis Preparation •

Assignment: Multiyear Plans and Analysis Preparation • Review the document titled "City of Charlottesville 2010 Annual Comprehensive Plan" located in the course shell. Write a three to four (3-4) page paper in which you: ...

Assignment economics read the following case study and

ASSIGNMENT: ECONOMICS Read the following case study and answer the given question. THE MACROECONOMICS OF POVERTY REDUCTION: THE CASE STUDY OF BANGLADESH Adapted: Osmani, S.R; Mahmud, W; Sen, B; Dagdeviren, H; and Seth, A ...

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 ...

Task list principles of microeconomicsyou are starting

Task List: : Principles of Microeconomics You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estim ...

Topic minimum wage workers who actually are minimum wage

Topic: Minimum wage workers _ Who actually are minimum wage workers? _ What are the profites of raising minimum wage? _ What are the con's of raising minimum wage? _ What in your opinion should we do about minimum wage?

Question 1the document that lists and details the contents

Question 1 The document that lists and details the contents and conditions of a shipment is called: A. The Tariff B. Proof of Delivery C. The Invoice D. The Bill of Lading Question 2 Declining transport rates as the quan ...

Assignmentchoose one of the readings from chapters 14 15 or

Assignment Choose one of the readings from chapters 14, 15, or 16 and summarize, explain, and evaluate the main points of the reading in a minimum of 3 paragraphs. Do not simply cut and paste from the reading, but summar ...

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 ...

Leasing equipmentfor catherine owens onlybullsuggest one

Leasing Equipment For Catherine Owens Only • Suggest one key economic factor that motivates leasing as an option in acquiring an asset. Explain the potential asymmetries that may exist where leasing may be beneficial to ...

Assignmentioverview provide an overview consisting of a

Assignment I. Overview: Provide an overview consisting of a brief description of the chosen company, your chosen product or service, and annual sales. II. Macroeconomic Variables For this section, you will utilize macroe ...

  • 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