Q88E Find a value of the standard nor... [FREE SOLUTION]

91影视

Statistics For Business And Economics

James T. McClave, P. George Benson, Terry Sincich

$Math Studyset 91影视 Explanations$ Math

13th Edition 路 888 pages

ISBN: 9780134506593

Chapter 4: Q88E (page 262)

Find a value of the standard normal random variable z, call it $z_{0}$ such that
$a . P (- z_{0} 鈮� z 鈮� z_{0}) = . 98 b . P (z 鈮� z_{0}) = . 05 c . P (z 鈮� z_{0}) = . 70 d . P (z 鈮� z_{0}) = . 025 e . P (z 鈮� z_{0}) = . 70$

Short Answer

Expert verified

$a . z_{0} = 2.326 b . z_{0} = 1.645 c . z_{0} = - 0.524 d . z_{0} = 1.96 e . z_{0} = 0.524$

Step by step solution

Given information

z is a standard normal variable, which is called $z_{0}$ .

Finding the value of z0 when P(-z0≤z≤z0)=.98

$a . P (- z_{0} 鈮� z 鈮� z_{0}) = 0.98 2 P (0 鈮� z 鈮� z_{0}) = 0.98 [D u e t o s y m m e t r i c d i s t r u b u t i o n] P (0 鈮� z 鈮� z_{0}) = 0.49 P (z 鈮� z_{0}) - P (z < 0) = 0.49 P (z 鈮� z_{0}) - 0.50 = 0.49 P (z 鈮� z_{0}) = 0.99 桅 (z_{0}) = 0.99 z_{0} = 桅^{- 1} (0.99) z_{0} = 2.326$

Therefore, the z₀the score is 2.326.

Finding the value of z0 when P(z≥z0)=.05

$P (z 鈮� z_{0}) = 0.05 1 - P (z < z_{0}) = 0.05 P (z < z_{0}) = 0.95 桅 (z_{0}) = 0.95 z_{0} = 桅^{- 1} (0.95) z_{0} = 1.645$

Therefore, the z₀ score is 1.645.

Finding the value of z0 when P(z≥z0)=.70

$P (z 鈮� z_{0}) = 0.70 1 - P (z 鈮� z_{0}) = 0.70 P (z 鈮� z_{0}) = 0.30$

Therefore, the score is -0.524.

Finding the value of z0 when P(z≥z0)=.70

$d . P (z 鈮� z_{0}) = 0.025 1 - P (z < z_{0}) = 0.025 P (z < z_{0}) = 0.975 桅 (z_{0}) = 0.975 z_{0} = 桅^{- 1} (0.975) z_{0} = 1.96$

Therefore, the z₀ score is 1.96.

Finding the value z0 of when P(z≤z0)=.70

$e . P (z 鈮� z_{0}) = 0.70 桅 (z_{0}) = 0.70 z_{0} = 桅^{- 1} (0.70) z_{0} = 0.524$

Therefore, the z₀ score is 0.524.

Unlock Step-by-Step Solutions & Ace Your Exams!

Full Textbook Solutions
Get detailed explanations and key concepts
Unlimited Al creation
Al flashcards, explanations, exams and more...
Ads-free access
To over 500 millions flashcards
Money-back guarantee
We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Recommended explanations on Math Textbooks

View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Firm A			Firm B
Loss Next Year	Probabiity	Loss Next Year	Probability
0	0.01		0	0
500	0.01		200	0.01
1000	0.01		700	0.02
1500	0.02		1200	0.02
2000	0.35		1700	0.15
2500	0.3		2200	0.3
3000	0.25		2700	0.3
3500	0.02		3200	0.15
4000	0.01		3700	0.02
4500	0.01		4200	0.02
5000	0.01		4700	0.01

91影视

Find a value of the standard normal random variable z, call it $z_{0}$ such that
$a . P (- z_{0} 鈮� z 鈮� z_{0}) = . 98 b . P (z 鈮� z_{0}) = . 05 c . P (z 鈮� z_{0}) = . 70 d . P (z 鈮� z_{0}) = . 025 e . P (z 鈮� z_{0}) = . 70$

Short Answer

Step by step solution

Given information

Finding the value of z0 when P(-z0≤z≤z0)=.98

Finding the value of z0 when P(z≥z0)=.05

Finding the value of z0 when P(z≥z0)=.70

Finding the value of z0 when P(z≥z0)=.70

Finding the value z0 of when P(z≤z0)=.70

One App. One Place for Learning.

Most popular questions from this chapter

Recommended explanations on Math Textbooks

Applied Mathematics

Decision Maths

Pure Maths

Probability and Statistics

Statistics

Theoretical and Mathematical Physics

Study anywhere. Anytime. Across all devices.

91影视

Find a value of the standard normal random variable z, call itz0 such thata.P(-z0鈮�z鈮�z0)=.98b.P(z鈮�z0)=.05c.P(z鈮�z0)=.70d.P(z鈮�z0)=.025e.P(z鈮�z0)=.70

Short Answer

Step by step solution

Given information

Finding the value of z0 when P(-z0≤z≤z0)=.98

Finding the value of z0 when P(z≥z0)=.05

Finding the value of z0 when P(z≥z0)=.70

Finding the value of z0 when P(z≥z0)=.70

Finding the value z0 of when P(z≤z0)=.70

One App. One Place for Learning.

Most popular questions from this chapter

Recommended explanations on Math Textbooks

Applied Mathematics

Decision Maths

Pure Maths

Probability and Statistics

Statistics

Theoretical and Mathematical Physics

Study anywhere. Anytime. Across all devices.

Find a value of the standard normal random variable z, call it $z_{0}$ such that
$a . P (- z_{0} 鈮� z 鈮� z_{0}) = . 98 b . P (z 鈮� z_{0}) = . 05 c . P (z 鈮� z_{0}) = . 70 d . P (z 鈮� z_{0}) = . 025 e . P (z 鈮� z_{0}) = . 70$