The student will calculate probabilities using the Central Limit Theorem.
Given
Yoonie is a personnel manager in a large corporation. Each month she must review 16 of the employees. From past experience, she has found that the reviews take her approximately 4 hours each to do with a population standard deviation of 1.2 hours. Let
be the random variable representing the time it takes her to complete one review. Assume
is normally distributed. Let
be the random variable representing the mean time to complete the 16 reviews. Let
be the total time it takes Yoonie to complete all of the month’s reviews. Assume that the 16 reviews represent a random set of reviews.
Distribution
Complete the distributions.
~
~
~
Graphing probability
For each problem below:
Sketch the graph. Label and scale the horizontal axis. Shade the region corresponding to the probability.
Calculate the value.
Find the probability that
one review will take Yoonie from 3.5 to 4.25 hours.
________
________
_______
3.5, 4.25, 0.2441
Find the probability that the
mean of a month’s reviews will take Yoonie from 3.5 to 4.25 hrs.
_______
0.7499
Find the 95th percentile for the
mean time to complete one month’s reviews.
The 95th Percentile=
4.49 hours
Find the probability that the
sum of the month’s reviews takes Yoonie from 60 to 65 hours.
The Probability=
0.3802
Find the 95th percentile for the
sum of the month’s reviews.
The 95th percentile=
71.90
Discussion question
What causes the probabilities in
[link] and
[link] to differ?
Questions & Answers
differentiate between demand and supply
giving examples
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
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Source:
OpenStax, Collaborative statistics (custom lecture version modified by t. short). OpenStax CNX. Jul 15, 2013 Download for free at http://cnx.org/content/col11543/1.1
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