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References

“ATL Fact Sheet,” Department of Aviation at the Hartsfield-Jackson Atlanta International Airport, 2013. Available online at http://www.atlanta-airport.com/Airport/ATL/ATL_FactSheet.aspx (accessed May 15, 2013).

Center for Disease Control and Prevention. “Teen Drivers: Fact Sheet,” Injury Prevention&Control: Motor Vehicle Safety, October 2, 2012. Available online at http://www.cdc.gov/Motorvehiclesafety/Teen_Drivers/teendrivers_factsheet.html (accessed May 15, 2013).

“Children and Childrearing,” Ministry of Health, Labour, and Welfare. Available online at http://www.mhlw.go.jp/english/policy/children/children-childrearing/index.html (accessed May 15, 2013).

“Eating Disorder Statistics,” South Carolina Department of Mental Health, 2006. Available online at http://www.state.sc.us/dmh/anorexia/statistics.htm (accessed May 15, 2013).

“Giving Birth in Manila: The maternity ward at the Dr Jose Fabella Memorial Hospital in Manila, the busiest in the Philippines, where there is an average of 60 births a day,” theguardian, 2013. Available online at http://www.theguardian.com/world/gallery/2011/jun/08/philippines-health#/?picture=375471900&index=2 (accessed May 15, 2013).

“How Americans Use Text Messaging,” Pew Internet, 2013. Available online at http://pewinternet.org/Reports/2011/Cell-Phone-Texting-2011/Main-Report.aspx (accessed May 15, 2013).

Lenhart, Amanda. “Teens, Smartphones&Testing: Texting volum is up while the frequency of voice calling is down. About one in four teens say they own smartphones,” Pew Internet, 2012. Available online at http://www.pewinternet.org/~/media/Files/Reports/2012/PIP_Teens_Smartphones_and_Texting.pdf (accessed May 15, 2013).

“One born every minute: the maternity unit where mothers are THREE to a bed,” MailOnline. Available online at http://www.dailymail.co.uk/news/article-2001422/Busiest-maternity-ward-planet-averages-60-babies-day-mothers-bed.html (accessed May 15, 2013).

Vanderkam, Laura. “Stop Checking Your Email, Now.” CNNMoney, 2013. Available online at http://management.fortune.cnn.com/2012/10/08/stop-checking-your-email-now/ (accessed May 15, 2013).

“World Earthquakes: Live Earthquake News and Highlights,” World Earthquakes, 2012. http://www.world-earthquakes.com/index.php?option=ethq_prediction (accessed May 15, 2013).

Chapter review

A Poisson probability distribution of a discrete random variable gives the probability of a number of events occurring in a fixed interval of time or space, if these events happen at a known average rate and independently of the time since the last event. The Poisson distribution may be used to approximate the binomial, if the probability of success is "small" (less than or equal to 0.05) and the number of trials is "large" (greater than or equal to 20).

Formula review

X ~ P ( μ ) means that X has a Poisson probability distribution where X = the number of occurrences in the interval of interest.

X takes on the values x = 0, 1, 2, 3, ...

The mean μ is typically given.

The variance is σ 2 = μ , and the standard deviation is
σ  =  μ .

When P ( μ ) is used to approximate a binomial distribution, μ = np where n represents the number of independent trials and p represents the probability of success in a single trial.

Use the following information to answer the next six exercises: On average, a clothing store gets 120 customers per day.

Assume the event occurs independently in any given day. Define the random variable X .

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What values does X take on?

0, 1, 2, 3, 4, …

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What is the probability of getting 150 customers in one day?

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What is the probability of getting 35 customers in the first four hours? Assume the store is open 12 hours each day.

0.0485

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What is the probability that the store will have more than 12 customers in the first hour?

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What is the probability that the store will have fewer than 12 customers in the first two hours?

0.0214

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Which type of distribution can the Poisson model be used to approximate? When would you do this?

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Use the following information to answer the next six exercises: On average, eight teens in the U.S. die from motor vehicle injuries per day. As a result, states across the country are debating raising the driving age.

Assume the event occurs independently in any given day. In words, define the random variable X .

X = the number of U.S. teens who die from motor vehicle injuries per day.

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What values does X take on?

0, 1, 2, 3, 4, ...

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For the given values of the random variable X , fill in the corresponding probabilities.

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Is it likely that there will be no teens killed from motor vehicle injuries on any given day in the U.S? Justify your answer numerically.

No

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Is it likely that there will be more than 20 teens killed from motor vehicle injuries on any given day in the U.S.? Justify your answer numerically.

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Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
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Jorge
hi
abubakar
hi
Nmesoma
hi
Mahesh
Hi
Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
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money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
Kalombe
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Kalombe
hi can someone help me on this question If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output? discuss your answer using appropriate graph.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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