Question

In: Statistics and Probability

On average fisherman catch 10,000 fishes a month with standard deviation of 1,500. If fishermen around...

  1. On average fisherman catch 10,000 fishes a month with standard deviation of 1,500. If fishermen around the world was asked to present their weekly averages. Find the probability that (assume variable is normally distributed):
  • Central Limit theorem
  1. 100 fishermen catch more than 10,500 fish a week
  2. 100 fishermen catch less than 10,100 fish a week
  3. 100 fishermen catch between 9,000 and 11,000 fish a week

Solutions

Expert Solution

a)

X ~ N ( µ = 10000 , σ = 1500 )
P ( X > 10500 ) = 1 - P ( X < 10500 )
Standardizing the value
Z = ( X - µ ) / ( σ / √(n))
Z = ( 10500 - 10000 ) / ( 1500 / √ ( 100 ) )
Z = 3.33
P ( ( X - µ ) / ( σ / √ (n)) > ( 10500 - 10000 ) / ( 1500 / √(100) )
P ( Z > 3.33 )
P ( X̅ > 10500 ) = 1 - P ( Z < 3.33 )
P ( X̅ > 10500 ) = 1 - 0.9996 (From Z table)  
P ( X̅ > 10500 ) = 0.0004

b)

X ~ N ( µ = 10000 , σ = 1500 )
P ( X < 10100 )
Standardizing the value
Z = ( X - µ ) / (σ/√(n)
Z = ( 10100 - 10000 ) / ( 1500 / √100 )
Z = 0.67
P ( ( X - µ ) / ( σ/√(n)) = ( 10100 - 10000 ) / ( 1500 / √(100) )
P ( X < 10100 ) = P ( Z < 0.67 )
P ( X̅ < 10100 ) = 0.7486 (From Z table)

c)

X ~ N ( µ = 10000 , σ = 1500 )
P ( 9000 < X < 11000 )
Standardizing the value
Z = ( X - µ ) / ( σ / √(n))
Z = ( 9000 - 10000 ) / ( 1500 / √(100))
Z = -6.67
Z = ( 11000 - 10000 ) / ( 1500 / √(100))
Z = 6.67
P ( 9000 < X̅ < 11000 ) = P ( Z < 6.67 ) - P ( Z < -6.67 )
P ( 9000 < X̅ < 11000 ) = 1 - 0 (From Z table)
P ( 9000 < X̅ < 11000 ) = 1


Related Solutions

On average fisherman catch 10,000 fishes a month with standard deviation of 1,500. If fishermen around...
On average fisherman catch 10,000 fishes a month with standard deviation of 1,500. If fishermen around the world was asked to present their weekly averages. Find the probability that (assume variable is normally distributed): Standardizing Raw Data A fisherman catches more than 10,500 fish a week A Fisherman catches less than 10,100 fish a week A fisherman catches between 9,000 and 11,000 fish a week
1. The average price for a new car is $18,000 and the standard deviation is $1,500....
1. The average price for a new car is $18,000 and the standard deviation is $1,500. Calculate the z scores for the following individual scores. SHOW YOUR WORK.If X = 19,000, z = _ 2. Using z-scores. SHOW YOUR WORK The percent of area beyond z = 1.44 is 3. Using z-scores. SHOW YOUR WORK ).The percent of area between the z = 1.40 and z = 1.49 is ________. 4. Using z-scores. SHOW YOUR WORK The percent of TOTAL...
From a population of 10,000 students, an average height of 174.5 cm and a standard deviation...
From a population of 10,000 students, an average height of 174.5 cm and a standard deviation of 6.9 cm. A sample of 50 is drawn students. What is the expected number of students in the sample whose height varies between 173 cm and 175 cm?
The average rent in a city is $1500 per month with a standard deviation of $250....
The average rent in a city is $1500 per month with a standard deviation of $250. Assume rent follows the normal distribution. Use the empirical rule to answer the following questions. a. what percentage of rents are between 1250 and 1750? b. what percentage of rents are less than 1250? c. what percentage of rents are greater than 2000?
The average rent in a city is $1,440 per month with a standard deviation of $340....
The average rent in a city is $1,440 per month with a standard deviation of $340. Assume rent follows the normal distribution. a. What percentage of rents are between $760 and $2,120? What percentage of rents are less than $760? c. What percentage of rents are greater than $2,460?
The average rent in a city is $1,440 per month with a standard deviation of $340....
The average rent in a city is $1,440 per month with a standard deviation of $340. Assume rent follows the normal distribution. a. What percentage of rents are between $760 and $2,120? What percentage of rents are less than $760? c. What percentage of rents are greater than $2,460?
1. SAT scores are distributed with a mean of 1,500 and a standard deviation of 300....
1. SAT scores are distributed with a mean of 1,500 and a standard deviation of 300. You are interested in estimating the average SAT score of first year students at your college. If you would like to limit the margin of error of your 95% confidence interval to 25 points, how many students should you sample Make sure to give a whole number answer. 2. You measure 26 textbooks' weights, and find they have a mean weight of 69 ounces....
The standard deviation of a portfolio: Multiple Choice is a weighted average of the standard deviations...
The standard deviation of a portfolio: Multiple Choice is a weighted average of the standard deviations of the individual securities held in the portfolio. is an arithmetic average of the standard deviations of the individual securities which comprise the portfolio. can never be less than the standard deviation of the most risky security in the portfolio. can be less than the standard deviation of the least risky security in the portfolio. must be equal to or greater than the lowest...
Portfolio            Average Return      Standard Deviation   Beta    A                &nb
Portfolio            Average Return      Standard Deviation   Beta    A                             14.7%                     18.6%                 1.47    B                               8.8                           14.2                  .78    C                             11.2                           16.0                 1.22 The risk-free rate is 4.5 percent and the market risk premium is 7 percent. What is the Treynor ratio of a portfolio comprised of 30 percent portfolio A, 20 percent portfolio B, and 50 percent portfolio C? SHOW WORK
What is the difference between standard deviation and average deviation? Which calculation is more useful for...
What is the difference between standard deviation and average deviation? Which calculation is more useful for determining if a data point can be omitted from a data set?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT