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11. Find z if the standard normal-curve area

a) between 0 and z is 0.4726;

b) to the left of z is 0.9868;

c) to the left of z is 0.3085;

d) between -z and z is 0.9282


12. If a random variable has the normal distribution with \mu = 82:0 and
\sigma = 4:8, nd the probabilities that it will take on a value

a) less than 89.2;

b) greater than 78.4;

c) between 83.2 and 88.0;

d) between 73.6 and 90.4.


13. If the time to assemble an \easy to assemble" computer desk from a

kit is a random variable having the normal distribution with \mu = 55:8
minutes and \sigma = 12:2 minutes, what are the probabilities that this

kind of desk can be assembled in

a) less than 49.7 minutes;

b) anywhere from 61.9 and 74.1 minutes;

c) more than 86.3 minutes?


14. With reference to Exercise 13, for what length of time is the probability

0.90 that one can assemble the desk in that many minutes or less?


8. A quality control engineer wants to check whether, in accordance with speci cation, 90% of products shipped are in perfect working condition. To this end, she randomly selects 12 items from each lot ready to be shipped and passes the lot only if all 12 are in perfect working condition. If one or more are not in perfect working condition, she holds the lot for a complete inspection. Find the probability that she will commit the error of

a) holding a lot for a complete inspection even though 90% of the items are in perfect working condition;

b) letting a lot pass through even though only 80% of the items are in perfect working condition;



10. Find the area under the standard normal curve that lies

a) between z = 0 and z = 0.87;

b) between z = -1.66 and z = 0;

c) to the right of z = 0.48;

d) to the right of z = -0.27;

e) to the left of z = 1.30;

f) between z = 0.45 and z = 1.23;

h) between z = 1.15 and z = 1.23;

i) between z = -1.35 and z = 1.35

j) between z = -2.35 and z = -1.46.


4. Explain in each case why the given equation cannot serve as the probability density function of a random variable that takes on values on the interval from 0 to 5:

a) f(x) = 1/10 (x - 4);

b) f(x) = 1/50 (x + 1).


5. A doctor knows from experience that 10% of of the patients to whom

he prescribes a certain blood pressure medication will have undesirable

side effects. Calculate the probability that of the 10 randomly selected

patients:

a) none will have undesirable side effects;

b) exactly 4 patients will have undesirable side effects;

c) at most 3 will have undesirable side effects;

d) at least 3 will have undesirable side effects.


6. Refer to Exercise 5. What is the expected number of patients with

undesirable side effects. What is the standard deviation of the number

of patients with undesirable side effects.






Here are 5 monopoly-related essay titles. How might you answer each one so that you specifically answer the question set?

  • Discuss the view that all monopolies are bad for consumers
  • Assess the extent to which monopolies are bad for the economy
  • Evaluate whether all monopolies should be heavily regulated
  • To what extent is a monopoly likely to reduce economic welfare?
  • Assess the extent to which monopolies are beneficial


Carefully explain what is meant by a natural monopoly, remembering to add in relevant examples. Draw a natural monopoly diagram in the space at the bottom of the page.













Diagram:



Outline some of the issues facing a natural monopoly firm if it chooses to maximise its profits:







Outline some of the issues facing a natural monopoly firm if it is nationalised / run by the state and aims for allocative efficiency:



The daily demand for a product in a shop can assume one of the following values: 100, 200, or 300 items with probabilities 0.2, 0.5 and 0.3. The owner of the store is thus limiting the alternatives to stocking one of the indicated three levels. If the owner stocks more that it can be sold in the same day the remaining items must be disposed at a discount price of 50 cents per item. Assume that the owner pays 80 cents per item and sells it for 120 cents, find the optimal stock level.

Is it a positive or normative statement that Society faces a short run tradeoff between inlation and unemployment


Generate a PPF graph for a society that has production sectors of potatoes and diamonds and show the following changes to your original PPF. Show the effect of the introduction of a new improved fertilizer on your societies PPF.


What happens to the price if the demand for fresh tomatoes increases while the supply remains constant

What happens to the price if the supply of butter falls and the demand remains constant

Activity One - Analyzing Your Pay Stub

This module identifies the different types of taxes and how taxes impact our finances.

Analyze this sample pay stub and answer the questions that follow.

Sample Pay Stub: https://lrccd.instructure.com/courses/159612/files/33420065/preview

Question 8:

One of Hope’s coworkers quits, and during the next pay period Hope works 60 hours instead of 40 to help cover the shifts. Which of Hope’s deductions will definitely change as a result? 

   a. Her Federal tax

   b. Her health

   c. Her dental

   d. Her retirement


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