Econ Stats Exam 2

Any process that generates well-defined outcomes is

an Experiment

what is a discrete random variable?

assume a countable number of values (number of phone calls made in a day)

The sample space refers to

the set of all possible experimental outcomes

what is a continuous random variable?

values corresponding to any of the points contained in an interval

Three fair coins are tossed and either heads (H) or tails (T) is observed for each coin.: a. List the sample points for this experiment.

{HHH, HHT, HTH, THH, HTT, THT, TTH, TTT}

Three fair coins are tossed and either heads (H) or tails (T) is observed for each coin.: Assign probabilities to the sample points.

Each sample point is assigned the probability 1/ 8

Each individual outcome of an experiment is called

A sample point

Three fair coins are tossed and either heads (H) or tails (T) is observed for each coin.: c. Find the probability of the event A = {Three heads are observed}.

1/ 8

Three fair coins are tossed and either heads (H) or tails (T) is observed for each coin.: Find the probability of the event C = {At least two heads are observed}

1/2

If sample points A, B, C, and D are the only possible outcomes of an experiment, find the probability of D using the table below. Sample Point A B C D Probability a. 1/5 b. 1/5 c. 1/5 d?

2/5

How many ways can three items be selected from a group of six items? Use the letters A, B, C, D, E, and F to identify the items, and list each of the different combinations of three items.

20

Three fair coins are tossed and either heads (H) or tails (T) is observed for each coin.: Find the probability of the event B = {Exactly two heads are observed}

3/8

A password consists of two letters of the alphabet followed by three digits chosen from 0 to 9. Repeats are allowed. How many different possible passwords are there?

676,000

Ten individuals are candidates for positions of president, vice president, and treasurer of an organization. How many possibilities of selections exist?

720