BANA 2372 Final Review 2023 with verified questions and answers

population mean sample mean population variance sample variance population standard deviation sample standard deviation population coefficient of variation sample coefficient of variation empirical rule location of a percentile population covariance sample covariance least square lines b1=Sxy/Sx^2 bo=yavg - b1(xavg) population coefficient of correlation sample coefficient of correlation coefficient of determination conditional probability A and B independent probability union probability A or B or both complement rule multiplication rule addition rule discrete random variable: requirements for distribution discrete random variable: mean discrete random variable: variance discrete random variable: standard deviation discrete random variable: covariance for bivariate distribution COV(X,Y)=standard deviation of xy=[sum of all x] [sum of all y] (x-mean of x)(y-mean of y)P(x,y) Laws of expected value E(c)=c E(X+c)=E(X)+c E(cX)=cE(X) Laws of Variance V(c)=0 V(X+c)=V(X) V(cX)=c^2*V(X) laws of expected value and variance of sum of 2 variables E(X+Y)=E(X) + E(Y) V(X+Y)=V(X) + V(Y) + 2COV(X,Y) binomial probability distribution simple price index It=(Pt/Po)*100 using CPI Pgiven/CPIgiven*CPItarget=Ptarget