ECON 2843 Exam 2 Norwood Questions With Correct Answers

ECON 2843 Exam 2 Norwood Questions
With Correct Answers

Z-score
o The number of standard deviations a given value is away from the
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mean




Z-score formula |




Z = (x-μ)/σ; (raw score-population mean)/population standard deviation
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continuous random variable | |




characterized by uncountable values in an interval; probability that it
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assumes a particular value is zero
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continuous random variable examples | | |




return on a mutual fund, time to complete a task, height of a person,
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rain fall per year
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, discrete random variable
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Assumes a countable number of distinct values
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discrete random variable examples
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Shoe size, class size, family members
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Expected value= |




1/ λ = 1/(mu)x
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Expected value for continuous uniform distribution formula (be able to
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calculate given values) | |




E(X)=μ=(a+b)/2, where a and b are lower and upper limits of values
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Standard Deviation for continuous uniform distribution formula (be able
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to calculate given values)
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SD(X)=sqrt((b-a)^2/12)