4-49. Private consumption as a share of GDP is a random quantity that follows a roughly normal distribution. According to an article in BusinessWeek, for the United States that was about 71%.6 Assuming that this value is the mean of a normal distri- bution, and that the standard deviation of the distribution is 3%, what is the value of private consumption as share of GDP such that you are 90% sure that the actual value falls below it?

4-49. Private consumption as a share of GDP is a random quantity that follows a roughly normal distribution. According to an article in BusinessWeek, for the United States that was about 71%.6 Assuming that this value is the mean of a normal distri- bution, and that the standard deviation of the distribution is 3%, what is the value of private consumption as share of GDP such that you are 90% sure that the actual value falls below it?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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mem 3. A machine fills 100-pound bags with white sand. The actual weight of the sand when the machine operates at tis standard speed of 100 bags per hour follows a normal distribution with a standard deviation of 1.5 pounds. The mean of the distribution depends on the setting of the machine. At what weight should the machine be set so that only 5% of the bags are underweight?
18. On average, a banana will last 6.3 days from the time it is purchased in the store to the time it is too rotten to eat. Is the mean time to spoil greater if the banana is hung from the ceiling? The data show results of an experiment with 15 bananas that are hung from the ceiling. Assume that that distribution of the population is normal. 5.4, 8.2, 7.8, 6.8, 6.4, 8.3, 5, 7.5, 7, 5.3, 6.9, 8.8, 8.9, 9, 8.5 What can be concluded at the the αα = 0.05 level of significance level of significance? For this study, we should use T- Test, Z test The null and alternative hypotheses would be: H0: P or U, <>=, H1: P or U, <>=, The test statistic T,Z = (please show your answer to 3 decimal places.) The p-value = (Please show your answer to 4 decimal places.) The p-value is <> αα Based on this, we should the null hypothesis. Thus, the final conclusion is that ... The data suggest that the population…
1.The test scores of Biostatistics examination follows a normal distribution with a mean of 60 and a standard deviation of 5. What is the standard score of those who got 50? a.1 b.-1 c.2 d.-2 2.The test scores of Biostatistics examination follows a normal distribution with a mean of 60 and a standard deviation of 5. What is the probability that the student got a score of below 55? a.0.3413 b.0.8413 c.0.1587 d.0.6587
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In a Normal distribution, the Empirical Rule states that... ["", "", "", "", ""] of the data is within 1 standard deviation of the mean, ["", "", "", "", ""] of the data is within 2 standard deviation of the mean, and ["", "", "", "", ""] of the data is within 3 standard deviation of the mean.
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