Question

In: Statistics and Probability

A child who gets into an elite preschool will have a lifetime earning potential given by...

A child who gets into an elite preschool will have a lifetime earning potential given by a Poisson random variable with mean $3,310,000. If the child does not get into the preschool, her earning potential will be Poisson with mean $2,700,000. Let X = 1 if the child gets into the elite preschool, and zero otherwise, and assume that P(X = 1) = p.

(a) Find the covariance of X and the child’s lifetime earnings.

(b) Find the correlation of X and the child’s lifetime earnings.

Solutions

Expert Solution


Please leave a like. Thanks a lot. Feel free to comment below if you need any further assistance, I'll reply ASAP. Have a nice day.


Related Solutions

A child who gets into an elite preschool will have a lifetime earning potential given by...
A child who gets into an elite preschool will have a lifetime earning potential given by a Poisson random variable with mean $3,310,000. If the child does not get into the preschool, her earning potential will be Poisson with mean $2,700,000. Let X = 1 if the child gets into the elite preschool, and zero otherwise, and assume that P(X = 1) = p. (a) Find the covariance of X and the child’s lifetime earnings. (b) Find the correlation of...
Exercise 8.65. A child who gets into an elite preschool will have a lifetime earning potential...
Exercise 8.65. A child who gets into an elite preschool will have a lifetime earning potential given by a Poisson random variable with mean $3,310,000. If the child does not get into the preschool, her earning potential will be Poisson with mean $2,700,000. Let X = 1 if the child gets into the elite preschool, and zero otherwise, and assume that P(X = 1) = p. (a) Find the covariance of X and the child’s lifetime earnings. (b) Find the...
A child psychologist wishes to estimate the percentage of fathers who watch their preschool-aged child when...
A child psychologist wishes to estimate the percentage of fathers who watch their preschool-aged child when the mother works. What size sample should be obtained if she whises the estimate to be within 3 percentage points with 97% confidence if A. she uses a 2005 estimate of 82% obtained from the U.S Census Bureau? Z= n= B. She does not use any prior estimates. n=
Research examining the effects of preschool child care has found that children who spent time in...
Research examining the effects of preschool child care has found that children who spent time in day care, especially high-quality day care, perform better on math and language tests than children who say home with their mothers (Broberg, Wessels, Lamb, & Hwang, 1997). In a typical study, a researcher obtains a sample of n = 10 children who attended day care before starting school. This children are given a standardized math test for which the population mean is μ =...
If it is important to have a "standard" language or dialect in the U.S., who gets...
If it is important to have a "standard" language or dialect in the U.S., who gets to decide what that "standard" is? Is it important to have an official "standard" language or dialect in the U.S.? Why or why not? need 150 words minimum on answering this questions
For each of the following crosses, what is the probability that a given child will have...
For each of the following crosses, what is the probability that a given child will have the exact same phenotype as either or both of the two parents? How many phenotypically different kinds of progeny could potentially result from each cross? How many genotypically different kinds of progeny could potentially result from each cross? You can assume capital letters represent dominant alleles and that the loci assort independently. a) Aa Bb cc dd × aa bb Cc Dd b) AA...
A child with Down Syndrome is born to a normal couple who have no prior history...
A child with Down Syndrome is born to a normal couple who have no prior history of the disease. Illustrate with a diagram how it would occur during gametogenesis. What factors would influence the birth defects of an individual with Down Syndrome?
A child with Down Syndrome is born to a normal couple who have no prior history...
A child with Down Syndrome is born to a normal couple who have no prior history of the disease. Illustrate with a diagram how it would occur during gametogenesis. What factors would influence the birth defects of an individual with Down Syndrome?
A survey of 1057 parents who have a child under the age of 18 living at...
A survey of 1057 parents who have a child under the age of 18 living at home asked about their opinions regarding violent video games. A report describing the results of the survey stated that 89 % of parents say that violence in today's video games is a problem. (a) What number of survey respondents reported that they thought that violence in today’s video games is a problem? You will need to round your answer. X = (b) Find a...
I have been given a project to do that will have the potential of being implemented....
I have been given a project to do that will have the potential of being implemented. The scope of the project is to come up with a remote monitoring system for the status of a pump-motor arrangement which has a valve in front of it that also had to be monitored. The level of the water in the tank where the pump is pumping has to be monitored by the use of float switches. This all has to be with...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT