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References

“Naegele’s rule.” Wikipedia. Available online at http://en.wikipedia.org/wiki/Naegele's_rule (accessed May 14, 2013).

“403: NUMMI.” Chicago Public Media&Ira Glass, 2013. Available online at http://www.thisamericanlife.org/radio-archives/episode/403/nummi (accessed May 14, 2013).

“Scratch-Off Lottery Ticket Playing Tips.” WinAtTheLottery.com, 2013. Available online at http://www.winatthelottery.com/public/department40.cfm (accessed May 14, 2013).

“Smart Phone Users, By The Numbers.” Visual.ly, 2013. Available online at http://visual.ly/smart-phone-users-numbers (accessed May 14, 2013).

“Facebook Statistics.” Statistics Brain. Available online at http://www.statisticbrain.com/facebook-statistics/(accessed May 14, 2013).

Chapter review

The normal distribution, which is continuous, is the most important of all the probability distributions. Its graph is bell-shaped. This bell-shaped curve is used in almost all disciplines. Since it is a continuous distribution, the total area under the curve is one. The parameters of the normal are the mean µ and the standard deviation σ . A special normal distribution, called the standard normal distribution is the distribution of z -scores. Its mean is zero, and its standard deviation is one.

Formula review

Normal Distribution: X ~ N ( µ , σ ) where µ is the mean and σ is the standard deviation.

Standard Normal Distribution: Z ~ N (0, 1).

Calculator function for probability: normalcdf (lower x value of the area, upper x value of the area, mean, standard deviation)

Calculator function for the k th percentile: k = invNorm (area to the left of k , mean, standard deviation)

How would you represent the area to the left of one in a probability statement?

P ( x <1)

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What is the area to the right of one?

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Is P ( x <1) equal to P ( x ≤ 1)? Why?

Yes, because they are the same in a continuous distribution: P ( x = 1) = 0

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How would you represent the area to the left of three in a probability statement?

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What is the area to the right of three?

1 – P ( x <3) or P ( x >3)

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If the area to the left of x in a normal distribution is 0.123, what is the area to the right of x ?

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If the area to the right of x in a normal distribution is 0.543, what is the area to the left of x ?

1 – 0.543 = 0.457

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Use the following information to answer the next four exercises:

X ~ N (54, 8)

Find the probability that x >56.

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Find the probability that x <30.

0.0013

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Find the 80 th percentile.

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Find the 60 th percentile.

56.03

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X ~ N (6, 2)

Find the probability that x is between three and nine.

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X ~ N (–3, 4)

Find the probability that x is between one and four.

0.1186

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X ~ N (4, 5)

Find the maximum of x in the bottom quartile.

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Use the following information to answer the next three exercise: The life of Sunshine CD players is normally distributed with a mean of 4.1 years and a standard deviation of 1.3 years. A CD player is guaranteed for three years. We are interested in the length of time a CD player lasts. Find the probability that a CD player will break down during the guarantee period.

  1. Sketch the situation. Label and scale the axes. Shade the region corresponding to the probability.
    Empty normal distribution curve.
  2. P (0< x <____________) = ___________ (Use zero for the minimum value of x .)
  1. Check student’s solution.
  2. 3, 0.1979
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Find the probability that a CD player will last between 2.8 and six years.

  1. Sketch the situation. Label and scale the axes. Shade the region corresponding to the probability.
    Empty normal distribution curve.
  2. P (__________< x <__________) = __________
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Find the 70 th percentile of the distribution for the time a CD player lasts.

  1. Sketch the situation. Label and scale the axes. Shade the region corresponding to the lower 70%.
    Empty normal distribution curve.
  2. P ( x < k ) = __________ Therefore, k = _________
  1. Check student’s solution.
  2. 0.70, 4.78 years
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Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
how will I do?
Venny Reply
how is the graph works?I don't fully understand
Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
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Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
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,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
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)
Kelo
yes,thank you
Shukri
Can I ask you other question?
Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
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
Lilia Reply
what is the difference between economic growth and development
Fiker Reply
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 ?
Abdisa Reply
any question about economics?
Awais Reply
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 .
Feyisa Reply
Answer
Feyisa
c
Jabir
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
Gsbwnw Reply
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
Abdureman
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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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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