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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
Macroeconomics studies the economy as a whole, including topics such as inflation, unemployment, and economic growth.
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Positive Statement
Positive Statement
A positive statement is descriptive about the world as it is. It can be tested, proven or disproven.
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Normative Statement
Normative Statement
A normative statement is prescriptive and describes how the world should be. This is based on opinions and value judgements.
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What causes Trade-offs?
What causes Trade-offs?
Trade-offs occur because of scarcity; to get something, you usually have to give up something else.
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Opportunity Cost
Opportunity Cost
Opportunity cost is the value of the next best alternative that you give up when making a decision.
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Rational Behavior
Rational Behavior
Rational people systematically and purposefully do the best they can to achieve their objectives, given the available opportunities.
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Marginal Analysis
Marginal Analysis
Marginal analysis involves making decisions based on incremental changes in costs and benefits.
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- 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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