Mean plus minus two standard deviations

Assignment Help Microeconomics
Reference no: EM13692524

Suppose that buses arrive at a bus stop every 15 minutes and the waiting time for the next bus to arrive has a uniform probability distribution on the interval from 0 to 15 minutes

a) Find the probability that x, a person’s waiting time will exceed 10 minutes

b) Calculate the mean and standard deviation of x. Graph the probability density function of x and indicate the location of the mean and endpoints on the interval. Compute the probability of the interval on the mean plus minus one standard deviations and the mean plus minus two standard deviations

Reference no: EM13692524

Questions Cloud

Monetary policy and fiscal policy : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..
Distributions of income among various groups of income : Discuss how the distributions of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?
Irrespective of economic conditions : Think about our economy. Irrespective of economic conditions, we consume many goods and services in various quantities. There is a constant allocation and re-allocation of resources. How does this happen?
Mean plus minus two standard deviations : Suppose that buses arrive at a bus stop every 15 minutes and the waiting time for the next bus to arrive has a uniform probability distribution on the interval from 0 to 15 minutes
Quantities of labor supplied increases with the wage : Explain why the quantities of labor supplied increases with the wage, other things remain constant. Describe why some workers earn higher wages than other workers. Summarize the objectives of labor unions and outline strategies used to achieve these ..
What should be the unit price to quote : An executive from a large merchandising firm has called your vice president for production to get a price quote for an additional 100 units of a given product.
European union labor costs exceed u.s.-british labor cost : European Union labor costs exceed U.S. and British labor costs primarily because
What is the break-even revenue : The Quiet Blow Company has a small plant that manufactures noise suppressors for leaf blowers. Its annual fixed costs are $30,000, and its variable costs are $10 per unit. It can sell a suppressor for $25.

Reviews

Write a Review

Microeconomics Questions & Answers

  How does the standard economic view of rationality

How does the standard economic view of rationality relate to the concept of bounded rationality Which seems more realistic What does your answer imply about economic models

  Do you favor term limits for elected officials

Explain: “Politicians would make more rational economic decisions if they weren"t running for reelection every few years.” Do you favor term limits for elected officials?

  1 a bank can lend out its excess reserves but not its

1 a bank can lend out its excess reserves but not its required reserves.a trueb false2 a bank creates money when ita

  How a government program increases education and job

Using indifference curves and budget constraints, show how a government program that increases education and job training for low-skilled women can increase low-skilled female labor force participation over time. Assume everything else about women..

  What factor could change the choice of production methods

Describe: 1) the process a firm should use in determining whether a particular production method should/should not be used AND 2) a factor or circumstance that could change the choice of production methods.

  Expected utility of having a car without insurance

Whats her expected utility of having a car without insurance and what would be the price of a "Fair" full insurance plan? Would Chen buy full insurance for her car at this price

  Main element typically included in to make cost analysis

Which of the following is a main element typically included in a "to make" cost analysis?

  Can persistent us deficits in current and payments accounts

can the united states continue to run current account deficits indefinitely? since in the long term the obvious answer

  Is the initial allocation pareto efficient

Presume there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X*Y UB(X,Y) = 2X + Y The initial endowments are: A: X = 4; Y = 2 B: X = 6; Y = 8. Is the initial allocation Pareto Efficient? What is the margina..

  Question on inferior good

The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?

  There are 2 brands of cell phones that are almost identical

there are 2 brands of cell phones that are almost identical except for some minor features the a-phone and the

  The agricultural household model

First write down the assumptions and state the utility maximization problem for a single-member household that is agriculturally productive but has no access to labor markets.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd