ECON 250 Midterm: ECON 250 Pastmidterm1 ECON250 M1 W09 Sol

• School: Queen's University
• Department: Economics
• Course: ECON 250
• Professor: All

Document Summary

At the end of the exam are several formulae. Answers are to be written in the examination booklet. Most of the marks are awarded for showing how a calculation is done and not for the actual calculation itself! There are a total of 60 possible marks to be obtained. Do all 6 questions: (10 marks) two number are chosen (with replacement) from the set. Specify: the sample space, the event the sum of the chosen numbers is 5 , the event the rst number is greater than the second . Solution: the sample space consists of all possible pairs, (x, y), chosen from the set {1, 2, 3, 4}. S = {(1, 1), (1, 2), (1, 3), (1, 4), . , (4, 1), (4, 2), (4, 3), (4, 4): a sum of 5 is possible by getting one of the following 4 pairs: (1, 4), (4, 1), (2, 3), (3, 2).