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

Economic term paperempirical project the research project

Economic Term Paper Empirical Project The research project should be about 10 pages and should explain your data collection, model, and findings. The project (due by the final exam date) is worth 30% of your final grade. ...

1 please prove that two indifferent curve cannot cross each

1. Please prove that two indifferent curve cannot cross each other. 2. Please solve the following maximization problem u = √x 1 + x 2 max√x 1 + x 2 , st, p 1 x 1 + p 2 x 2 ≤ m 3. a. When prices are (p 1 , p 2 ) = (1, 2) ...

Short-run economic fluctuationsplease have by 800 pm west

Short-Run Economic Fluctuations Please have by 8:00 pm west coast time cailfornia time 12/13/2016. Plagrism free, orignal work, and refs. APA format double space. please ask questions right away please dont wait to the l ...

Samsung smartphone manufacturer vs google inc search engine

Samsung (smartphone manufacturer) Vs. Google Inc. (search engine) - economic and financial analysis Objectives: • Assess and compare the market types of Google Inc.(as a search engine) and Samsung • Determine the various ...

1 this question is for discussion in teamsas the semester

1. This question is for discussion in teams. As the semester progresses. we will discuss these issues in class. Visit The World Factbook at https://www.cia.govlibrarypublications:The-world-factbook'. In "Please select a ...

Assignmentlearning objectives covered1explain 3 ways the

Assignment Learning Objectives Covered: 1. Explain 3 ways the statement of goals, application of rewards, and institution of discipline affect and motivate ethical behavior in individuals 2. Demonstrate how roles and aut ...

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 ...

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 ...

Project-listen to this video asafter you work on your graph

Project- Listen to this video as/after you work on your graph. The lecture is on the 'Aftermath of the Financial Crisis' given by Ben Bernanke in March 29 th 2012. https://www.c-span.org/video/?305198-1/ben-bernanke-lect ...

Create the demand and supply of the labor market and demand

Create the demand and supply of the labor market and demand and supply of the goods market using the production function and consumption utility function given. Solving the equations and graphing the models have to be th ...

  • 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