Calculate the following probabilities using the standard normal distribution. Sketch the probability distribution in each case, shading in the area of the calculated probability
(a) Pr(Z < 0.0)
(b) Pr(Z ? 1.0)
(c) Pr(Z > 1.96)
(d) Pr(Z < –2.0)
(e) Pr(Z > 1.645)
(f) Pr(Z > –1.645)
(g) Pr(–1.96 < Z < 1.96)
(h.) Pr(Z < 2.576 or Z > 2.576)
(i.) Pr(Z > z) = 0.10; find z.
(j.) Pr(Z < –z or Z > z) = 0.05; find z.
What will be an ideal response?
Answer:
(a) 0.5000;
(b) 0.8413;
(c) 0.0250;
(d) 0.0228;
(e) 0.0500;
(f) 0.9500;
(g) 0.0500;
(h) 0.0100;
(i) 1.2816;
(j) 1.96.
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The United States is the largest national economy in the world.
Answer the following statement true (T) or false (F)
If real GDP per person in a country equals $40,000 and 60 percent of the population is employed, then average labor productivity equals:
A. $66,667. B. $40,000. C. $60,000. D. $24,000.
A tax on buyers will cause the ________ schedule to shift ________.
A. demand, left B. supply, left C. demand, right D. supply, right
An increase in taxes on labor earnings, everything else equal
a. shifts the labor supply curve to the left and increases the real wage. b. shifts the labor supply curve to the right and increases the real wage. c. shifts the labor supply curve to the right and reduces the real wage. d. shifts the labor supply curve to the left and reduces the real wage.