Exam (elaborations)
QMB 3200 (Economics) EXAM 1 QUESTIONS CORRECTLY ANSWERED (Gary Bliss/ Ansel Diama) A+ VERIFIED
- Course
- Institution
QMB 3200 (Economics) EXAM 1 QUESTIONS CORRECTLY ANSWERED (Gary Bliss/ Ansel Diama) A+ VERIFIED
[Show more]
Content preview
QMB 3200 (Economics) EXAM 1 QUESTIONSCORRECTLY ANSWERED (Gary Bliss/ Ansel
Diama) A+ VERIFIED.
What is the subjective method of assigning probabilities?
Correct Answer -assigning probabilities based on judgement
What is a complement of an event?
Correct Answer -the complement of A is defined to be the event consisting
of all the sample points that are NOT in A
How is a complement denoted?
Correct Answer -Aᶜ (A to the power of C)
How do you find the complement of an event?
Correct Answer -1 - the probability of the event
What is a union of events?
Correct Answer -the event containing all sample points that are in A, B or
BOTH (like a Venn Diagram)
How is a union denoted?
Correct Answer -A∪B
,What is an intersection of events?
Correct Answer -the set of all sample points that are in both A AND B (like
the middle portion of a Venn Diagram)
How is an intersection denoted?
Correct Answer -A∩B
What is the Addition Law?
Correct Answer -a formula that computes the probability of event A, or B,
or both A&B occurring
What is the formula from the Addition Law?
Correct Answer -P(A∪B) = P(A) + P(B) - P(A∩B)
What does it mean if two events are said to be mutually exclusive?
Correct Answer -they have no sample points in common; when one event
occurs the other cannot occur
What is a random variable?
Correct Answer -a numerical description of an outcome of a random
experiment
What is a discrete random variable?
Correct Answer -assumes a countable number of distinct values
, What is a continuous random variable?
Correct Answer -infinitely many values; infinite number of uncountable
outcomes (e.g. height, weight, distance)
What is a discrete probability distribution?
Correct Answer -a mutually exclusive list of all possible numerical
outcomes along with the probability of occurence of each outcome
How is a discrete probability function denoted for the discrete random
variable X?
Correct Answer -f(x)
What are the requirements of a discrete probability?
Correct Answer -F(x) ≥ 0
Σf(x) = 1
What is the expected value of a discrete random variable?
Correct Answer -the population mean of its probability distribution
What is the formula for the expected value of a random variable?
Correct Answer -E(x) = μ =Σxf(x)
What is the variance of a discrete variable?
Correct Answer -the standard deviation of its probability distribution
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademicAllure. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.19. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now