The production data of a wheat farm are:  Plant area: 500 ha Mean yield: 1.5 t/ha  Standard deviation: 0.8 t/ha   What fraction of income (output) would the farmer be willing to pay for multi-peril crop insurance if his risk preferences are CRRA with a coefficient of relative risk aversion of 1.5?  Hint: (Use the Arrow-Pratt approximation and neglect prudence and temperance.)

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A: Solution: Given information: n= 30 observation Sum of square of regression= SSR=1850.5782 Sum of…

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A: Solution: n= 30 Sample size μ=300 Population mean

Q: A variable is normally distributed with mean 15 and standard deviation 2. a. Find the percentage of…

A: Given that, Mean = 15 Standard deviation = 2

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Q: If a product has a mean demand of 80 with a standard deviation of 10, if the customer holds 100…

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Q: of driver's education students is 68 points, with a standard deviation of 4 points. Apply…

A: Given

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Q: Assume that adults have IQ scores that are normally distributed with a mean of 101.8and a standard…

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A: The mean is 0 and the standard deviation is 1.

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Q: Which if the following statistics is an unbiased estimator of its population parameter? 1. Mean…

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Q: he quantitative subset of the Graduate Record Exam (GRE) has a mean of 500 and a standard deviation…

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Q: Answer the following questions using the z-score chart( attached below) or by using a spreadsheet.…

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A: Regression Line   y = 41.57-0.49x

Q: Our environment is very sensitive to the amount of ozone in the upper atmosphere. The level of ozone…

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.