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37 . You had an unusually long wait time, which is bad: 82 percent of patients had a shorter wait time than you, and only 18 percent had a longer wait time.

2.4: box plots

38 . 5

39 . 3

40 . 7

41 . The median is 86, as represented by the vertical line in the box.

42 . The first quartile is 80, and the third quartile is 92, as represented by the left and right boundaries of the box.

43 . IQR = 92 – 80 = 12

44 . Range = 100 – 75 = 25

2.5: measures of the center of the data

45 . Half the runners who finished the marathon ran a time faster than 3:35:04, and half ran a time slower than 3:35:04. Your time is faster than the median time, so you did better than more than half of the runners in this race.

46 . 61.5, or $61,500

47 . 49.25 or $49,250

48 . The median, because the mean is distorted by the high value of one house.

2.6: skewness and the mean, median, and mode

49 . c

50 . a

51 . They will all be fairly close to each other.

2.7: measures of the spread of the data

52 . Mean: 15
Standard deviation: 4.3
μ = 10 + 11 + 15 + 15 + 17 + 22 6 = 15
s = ( x x ¯ ) 2 n 1 = 94 5 = 4.3

53 . 15 + (2)(4.3) = 23.6

54 . 13.7 is one standard deviation below the mean of this data, because 15 – 4.3 = 10.7

55 . z = 95 85 5 = 2.0
Susan’s z -score was 2.0, meaning she scored two standard deviations above the class mean for the final exam.

3.1: terminology

56 . P ( B ) = 25 90 = 0.28

57 . Drawing a red marble is more likely.
P ( R ) = 50 80 = 0.62
P ( Y ) = 15 80 = 0.19

58 . P ( F AND S )

59 . P ( E | M )

3.2: independent and mutually exclusive events

60 . P ( A AND B ) = (0.3)(0.5) = 0.15

61 . P ( C OR D ) = 0.18 + 0.03 = 0.21

3.3: two basic rules of probability

62 . No, they cannot be mutually exclusive, because they add up to more than 300. Therefore, some students must fit into two or more categories (e.g., both going to college and working full time).

63 . P ( A and B ) = ( P ( B | A ))( P ( A )) = (0.85)(0.70) = 0.595

64 . No. If they were independent, P ( B ) would be the same as P ( B | A ). We know this is not the case, because P ( B ) = 0.70 and P ( B | A ) = 0.85.

3.4: contingency tables

65 .

Honor roll No honor roll Total
Study at least 15 hours/week 482 200 682
Study less than 15 hours/week 125 193 318
Total 607 393 1,000

66 . P (honor roll|study at least 15 hours word per week) =  482 1000 = 0.482

67 . P ( studies less than 15 hours word per week) = 125 + 193 1000 = 0.318

68 . Let P ( S ) = study at least 15 hours per week
Let P ( H ) = makes the honor roll
From the table, P ( S ) = 0.682, P ( H ) = 0.607, and P ( S AND H ) =0.482.
If P ( S ) and P ( H ) were independent, then P ( S AND H ) would equal ( P ( S ))( P ( H )).
However, ( P ( S ))( P ( H )) = (0.682)(0.607) = 0.414, while P ( S AND H ) = 0.482.
Therefore, P ( S ) and P ( H ) are not independent.

3.5: tree and venn diagrams

69 .

This is a Venn diagram with two circles. One circle is labeled Soccer and the other is labeled Tennis. The circles do not overlap.

70 .

This is a Venn diagram with two circles. One circle is labeled Soccer and the other is labeled Tennis. The circles overlap.

Practice test 2

4.1: probability distribution function (pdf) for a discrete random variable

Use the following information to answer the next five exercises. You conduct a survey among a random sample of students at a particular university. The data collected includes their major, the number of classes they took the previous semester, and amount of money they spent on books purchased for classes in the previous semester.

1. If X = student’s major, then what is the domain of X ?

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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