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Formula review

The Central Limit Theorem for Sums: ∑X ~ N [( n )( μ x ),( n )( σ x )]

Mean for Sums ( ∑X ): ( n )( μ x )

The Central Limit Theorem for Sums z -score and standard deviation for sums: z for the sample mean =  Σ x ( n ) ( μ X ) ( n ) ( σ X )

Standard deviation for Sums ( ∑X ): ( n ) ( σ x )

Use the following information to answer the next four exercises: An unknown distribution has a mean of 80 and a standard deviation of 12. A sample size of 95 is drawn randomly from the population.

Find the probability that the sum of the 95 values is greater than 7,650.

0.3345

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Find the probability that the sum of the 95 values is less than 7,400.

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Find the sum that is two standard deviations above the mean of the sums.

7,833.92

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Find the sum that is 1.5 standard deviations below the mean of the sums.

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Use the following information to answer the next five exercises: The distribution of results from a cholesterol test has a mean of 180 and a standard deviation of 20. A sample size of 40 is drawn randomly.

Find the probability that the sum of the 40 values is greater than 7,500.

0.0089

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Find the probability that the sum of the 40 values is less than 7,000.

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Find the sum that is one standard deviation above the mean of the sums.

7,326.49

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Find the sum that is 1.5 standard deviations below the mean of the sums.

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Find the percentage of sums between 1.5 standard deviations below the mean of the sums and one standard deviation above the mean of the sums.

77.45%

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Use the following information to answer the next six exercises: A researcher measures the amount of sugar in several cans of the same soda. The mean is 39.01 with a standard deviation of 0.5. The researcher randomly selects a sample of 100.

Find the probability that the sum of the 100 values is greater than 3,910.

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Find the probability that the sum of the 100 values is less than 3,900.

0.4207

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Find the probability that the sum of the 100 values falls between the numbers you found in [link] and [link] .

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Find the sum with a z –score of –2.5.

3,888.5

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Find the sum with a z –score of 0.5.

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Find the probability that the sums will fall between the z -scores –2 and 1.

0.8186

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Use the following information to answer the next four exercise: An unknown distribution has a mean 12 and a standard deviation of one. A sample size of 25 is taken. Let X = the object of interest.

What is the mean of ΣX ?

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What is the standard deviation of ΣX ?

5

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What is P ( Σx >290)?

0.9772

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True or False: only the sums of normal distributions are also normal distributions.

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In order for the sums of a distribution to approach a normal distribution, what must be true?

The sample size, n , gets larger.

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What three things must you know about a distribution to find the probability of sums?

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An unknown distribution has a mean of 25 and a standard deviation of six. Let X = one object from this distribution. What is the sample size if the standard deviation of ΣX is 42?

49

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An unknown distribution has a mean of 19 and a standard deviation of 20. Let X = the object of interest. What is the sample size if the mean of ΣX is 15,200?

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Use the following information to answer the next three exercises.
A market researcher analyzes how many electronics devices customers buy in a single purchase. The distribution has a mean of three with a standard deviation of 0.7. She samples 400 customers.

What is the z -score for Σx = 840?

26.00

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What is the z -score for Σx = 1,186?

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What is P ( Σx <1,186)?

0.1587

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Use the following information to answer the next three exercises:
An unkwon distribution has a mean of 100, a standard deviation of 100, and a sample size of 100. Let X = one object of interest.

What is the mean of ΣX ?

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What is the standard deviation of ΣX ?

1,000

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What is P ( Σx >9,000)?

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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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Mahesh
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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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