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Questions and Answers
If 20% of the bolts produced by a machine are defective, determine the probability that out of 4 bolts chosen at random, less than 2 bolts will be defective.
If 20% of the bolts produced by a machine are defective, determine the probability that out of 4 bolts chosen at random, less than 2 bolts will be defective.
- 0.4096
- 0.8192 (correct)
- 0.2048
If RV X has exponential distribution, X~Exp[β], what is its CDF?
If RV X has exponential distribution, X~Exp[β], what is its CDF?
- F(x) = 1 − 1/β e¯۩ B
- F(x) = e¯ B
- F(x) = 1 − e¯ㄗ (correct)
What is the expected value of a RV that has a uniform distribution, X~U[a,b]?
What is the expected value of a RV that has a uniform distribution, X~U[a,b]?
- ab/2
- (b-a)/2
- (a+b)/2 (correct)
What is the variance of a RV that has a uniform distribution, X~U[a,b]?
What is the variance of a RV that has a uniform distribution, X~U[a,b]?
For a random variable X, if its moment generating function is 2/(2-t), which of the following statements is true?
For a random variable X, if its moment generating function is 2/(2-t), which of the following statements is true?
Let X~U[0,1], and let Y=e^X. Which of the following statements is true?
Let X~U[0,1], and let Y=e^X. Which of the following statements is true?
Flashcards
What is Economics?
What is Economics?
Economics is a social science concerned chiefly with how society employs scarce resources to produce goods and services and distribute them among different people.
Why are resources scarce?
Why are resources scarce?
Resources are scarce because society has limited resources and therefore cannot produce all the goods and services people wish to have.
Microeconomics Focus
Microeconomics Focus
Microeconomics studies the economic behavior of individual consumers, firms, and industries.
Macroeconomics Focus
Macroeconomics Focus
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Positive Statement
Positive Statement
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Normative Statement
Normative Statement
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What causes Trade-offs?
What causes Trade-offs?
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Opportunity Cost
Opportunity Cost
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Rational Behavior
Rational Behavior
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Marginal Analysis
Marginal Analysis
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Study Notes
- ECON1049 Lecture 1 In-class Questions
Question 1
- 20% of bolts produced by a machine are defective.
- Probability of less than 2 defective bolts out of 4 chosen at random: 0.8192.
Question 2
- Random variable X has exponential distribution, X~Exp[β].
- Cumulative Distribution Function (CDF): F(x) = 1 − e^-(x/ß).
Question 3
- Random Variable (RV) has a uniform distribution, X~U[a,b]
- Expected value: (a+b)/2.
Question 4
- Variance of a Random Variable (RV) with a uniform distribution, X~U[a,b]: (1/12)(b-a)².
Question 5
- The moment generating function of a random variable X is 2/(2-t).
- X has exponential distribution
Question 6
- If X~U[0,1], and Y=e^X, G (y) = lny, for 1 ≤ y ≤ e.
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Description
Review of probability questions from ECON1049 Lecture 1. Practice problems cover topics such as defective bolts, exponential distribution, cumulative distribution function (CDF), and variance of random variables. Includes uniform distribution and moment generating functions.
