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ECON 103 Tutorial 17

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ECON 103Tutorial 17

Rob Pryce

www.robpryce.co.uk/teaching

An analyst has available 2 forecasts F1 and F2 of earnings per share.

Wants a compromised forecast, with XF1 + (1 – X)F2

Probability function is random variable

An analyst has available 2 forecasts F1 and F2 of earnings per share.

Wants a compromised forecast, with XF1 + (1 – X)F2

Probability function is random variable

An analyst has available 2 forecasts F1 and F2 of earnings per share.

Wants a compromised forecast, with XF1 + (1 – X)F2

Probability function is random variable

An analyst has available 2 forecasts F1 and F2 of earnings per share.

Wants a compromised forecast, with XF1 + (1 – X)F2

Probability function is random variable

An analyst has available 2 forecasts F1 and F2 of earnings per share.

Wants a compromised forecast, with XF1 + (1 – X)F2

Probability function is random variable

Employees are paid $60 plus 20% of the money their calls generate.

Amount of money generated is random variable – mean $700 and standard deviation $130

Find the mean and standard deviation of total pay.

Return on stocks followed normal distribution – mean 12.2% and standard deviation 7.2%

Return on stocks followed normal distribution – mean 12.2% and standard deviation 7.2%

Return on stocks followed normal distribution – mean 12.2% and standard deviation 7.2%

Return on stocks followed normal distribution – mean 12.2% and standard deviation 7.2%

Given a random sample size of n=900 from a binomial probability distribution with P=0.50

Find the probability that the number of successes is greater than 500

Given a random sample size of n=900 from a binomial probability distribution with P=0.50

Find the probability that the number of successes is fewer than 430

Given a random sample size of n=900 from a binomial probability distribution with P=0.50

Find the probability that the number of successes is between 440 and 480

Given a random sample size of n=900 from a binomial probability distribution with P=0.50

With probability 0.10, the number of successes is fewer than how many?

Given a random sample size of n=900 from a binomial probability distribution with P=0.50

With probability 0.08, the number of successes is greater than how many?

A random variable X is normally distributed – mean 100 and variance 100

A random variable Y is normally distributed – mean 200 and variance 400.

X and Y have correlation coefficient of 0.5

Find the mean and variance of the random variable W = 5X + 4Y

Furnace will reduce energy costs by X

X random variable – mean $200 and standard deviation $60

Find the mean and standard deviation of the total reduction over 5 years

What assumptions?

Email:r.pryce@lancaster.ac.uk

Web:www.robpryce.co.uk/teaching

Office Hour:Thursday, 3pm, Charles Carter

C floor, near C07