ECON 335 – Homework 1 – 100 pointsBasic StatisticsDO NOT WAIT UNTIL THE NIGHT BEFORE THE DUE DATE TO...

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ECON 335 – Homework 1 – 100 pointsBasic StatisticsDO NOT WAIT UNTIL THE NIGHT BEFORE THE DUE DATE TO BEGIN THIS HOMEWORK ASSIGNMENT! IF YOU HAVE TROUBLES DON’T HESITATE TO EMAIL ME OR COME TO MY OFFICE HOURS WITH QUESTIONS.This exercise is designed to give you practice with the concepts of probability distributions. It contains analytical exercises that don’t require computer. Pay close attention to being able to interpret any results you present, and practice expressing the results in a meaningful way.ALWAYS SHOW ALL OF YOUR WORK! A COMPLETE CORRECT ANSWER SHOULD SHOW ALL WORK LEADING UP TO THE CORRECT ANSWER – INCLUDING THE EQUATIONS USED. IF YOU DON’T SHOW ME HOW YOU ARRIVED AT A CALCULATION, I WILL ALSO BE UNABLE TO ASSIGN ANY PARTIAL CREDIT.These homework assignments are designed to complement the material we cover in class, and give you some practice dealing with the concepts we cover. Think of them as the single best way to prepare for the exams … putting in more work now means less trouble later. Of course, doing the problems from the book, or ones you create yourself, etc. will give you even more practice.
	
Document Preview: ECON 335 – Homework 1 – 100 pointsBasic StatisticsDO NOT WAIT UNTIL THE NIGHT BEFORE THE DUE DATE TO BEGIN THIS HOMEWORK ASSIGNMENT!  IF YOU HAVE TROUBLES DON’T HESITATE TO EMAIL ME OR COME TO MY OFFICE HOURS WITH QUESTIONS.This exercise is designed to give you practice with the concepts of probability distributions.  It contains analytical exercises that don’t require computer.  Pay close attention to being able to interpret any results you present, and practice expressing the results in a meaningful way.  ALWAYS SHOW ALL OF YOUR WORK!  A COMPLETE CORRECT ANSWER SHOULD SHOW ALL WORK LEADING UP TO THE CORRECT ANSWER – INCLUDING THE EQUATIONS USED.  IF YOU DON’T SHOW ME HOW YOU ARRIVED AT A CALCULATION, I WILL ALSO BE UNABLE TO ASSIGN ANY PARTIAL CREDIT.These homework assignments are designed to complement the material we cover in class, and give you some practice dealing with the concepts we cover.  Think of them as the single best way to prepare for the exams … putting in more work now means less trouble later.  Of course, doing the problems from the book, or ones you create yourself, etc. will give you even more practice. _____________________________________________________________________________[25 points] Consider the following discrete probability distribution function for the variable X:x1012141618f(x).02.7.05.2.03[4 pts] Is this a proper probability mass function? How do you know? [15 pts] Find the mean, variance, and standard deviation of X, showing your work.[6 pts] What is the probability that any draw from this distribution, say X, is less than 16 [i.e. find P(X

David · Accepted Answer

SPRING 2013 
ECON 335 – Homework 1 – 100 points 
Basic Statistics
DO NOT WAIT UNTIL THE NIGHT BEFORE THE DUE DATE TO BEGIN THIS 
HOMEWORK ASSIGNMENT!  IF YOU HAVE TROUBLES DON’T HESITATE TO EMAIL 
ME OR COME TO MY OFFICE HOURS WITH QUESTIONS.
This exercise is designed to give you practice with the concepts of probability distributions.  It 
contains analytical exercises that don’t require computer.  Pay close attention to being able to 
interpret any results you present, and practice expressing the results in a meaningful way.
ALWAYS SHOW ALL OF YOUR WORK!  A COMPLETE CORRECT ANSWER SHOULD 
SHOW ALL WORK LEADING UP TO THE CORRECT ANSWER – INCLUDING THE 
EQUATIONS USED.  IF YOU DON’T SHOW ME HOW YOU ARRIVED AT A 
CALCULATION, I WILL ALSO BE UNABLE TO ASSIGN ANY PARTIAL CREDIT.
These homework assignments are designed to complement the material we cover in class, and 
give you some practice dealing with the concepts we cover.  Think of them as the single best 
way to prepare for the exams … putting in more work now means less trouble later.  Of course, 
doing the problems from the book, or ones you create yourself, etc. will give you even more 
practice.
_____________________________________________________________________________
SPRING 2013 
1. [25 points] Consider the following discrete probability distribution function for the 
variable X:
x 10 12 14 16 18 
f(x) .02 .7 .05 .2 .03
a) [4 pts] Is this a proper probability mass function? How do you know?  
Answer: This is a proper probability mass function because the sum of probabilities is equal to 
one.
b) [15 pts] Find the mean, variance, and standard deviation of X, showing your work. 
Answer: Mean, E(X) = ∑xf(x) = 13.04 
E(X
2
) = ∑x
2
f(x) = 173.52 
Variance, Var(X) = E(X
2
) – (E(X))
2
 = 173.52 – (13.04)
2
 = 3.4784  
Standard Deviation, sd(X) = √Var(X) = 1.865
c) [6 pts] What is the probability that any draw from this distribution, say X, is less than 
16 [i.e.

ECON 335 – Homework 1 – 100 points Basic Statistics DO NOT WAIT UNTIL THE NIGHT BEFORE THE DUE DATE TO BEGIN THIS HOMEWORK ASSIGNMENT! IF YOU HAVE TROUBLES DON’T HESITATE TO EMAIL ME OR COME TO MY...

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