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Ec 315 Week 2 Homework

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EC315 Quantitative Research Methods Dustin Carter
Week 2 Homework Chapter 6
Questions 36
Find the mean and standard deviation of the payout I am sorry, but I am not sure how to do this problem taking into account the ticket cost and probability.
Question 39
A. How many Policyholders would you expect to have filed a claim within the last year?
15 * .4 = 6 Policy holders
B. What is the probability that 10 of the selected policyholders submitted a claim last year?
P(x = 10) = 15C10 * .4 ^ 10 * .6 ^ 5 = 0.0245
C. What is the probability that 10 or more of the selected policyholders submitted a claim last year?
P(10 <= x <= 15) = 1 - binomcdf(15,0.4,9) = 0.0338
D. What is the probability that more than 10 of the selected policyholders submitted a claim last year?
P(11 <= x <= 15) = 1 - binomcdf(15,0.4,10) = 0.0093
Chapter 7
Question 32
A. How much toothpaste would you expect to be remaining in the tube?
I would expect one half of the toothpaste to be there or 2.1 ounces

B. What is the standard deviation of the amount remaining in the tube?
Where B = 4.2 and A = 0

1.21 Ounces

C. What is the likelihood there is less than 3.0 ounces remaining in the tube?
3.0 / 4.2 * 100% = .714 = 71.4%
D. What is the probability there is more than 1.5 ounces remaining in the tube?
(4.2 - 1.5) / 4.2 * 100% = .643 = 64.3%
Question 37
A. What percent of the families spend more than $30 but less than $490 per month on food?
P(30 <= x <= 490) = P(-5.11 <= z <= 0) = .50 or 50%
B. What percent of the families spend less than $430 per month on food?
P(x <= 430) = P(z <= -0.67) = .2514 or 25.14%
C. What percent spend between $430 and $600 per month on food?
P(430 <= x <= 600) = P(-0.67 <= z <= 1.22) = .6374 or 63.74%
D. What percent…...

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