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QMB 3200 (Economics) EXAM 1 QUESTIONS CORRECTLY ANSWERED (Gary Bliss/ Ansel Diama) A+ VERIFIED
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QMB 3200 (Economics) EXAM 1 QUESTIONS CORRECTLY ANSWERED (Gary Bliss/ Ansel Diama) A+ VERIFIED
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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
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