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RSM260H1 (23)
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School
University of Toronto St. George
Department
Rotman Commerce
Course
RSM260H1
Professor
Arshoff.Alana
Semester
Winter

Description
Eco 220 – Lecture 13 FINAL TEST REVIEW November 30, 2012 Question 1 A corporation produces packages of paper clips. The number of clips per package is random with a mean of 80 and a standard deviation of 2.4. The cost in cents of producing a package of clips is (10 + 1.5*X), where X is the number of clips in the package. The revenue from selling the package, however many clips are in it, is \$1.50. If profit is defined as the difference between revenue and cost, what is the mean and standard deviation of profit per package? A. 0.20, 0.018 B. 0.20 , 0.036 C. 0.20, 0.332 D. 0.25, 0.018 E. None of the above Question 2 Consider a binomially distributed random variable X where the probability of success is 0.15 If the number of trails of 10. What is the probability that the number of successes is within one standard deviation of the mean? A. 62% B. 64% C. 66% D. 68% E. None of the above Question 3 If the number of trials is 1000, what is the probability that the number of successes is within one standard deviation of the mean? A. 62% B. 64% C. 66% D. 68% E. 70% Question 4 If the grades for this exam are normally distributed with a mean of 82 and a variance of 20, what is the minimum grade would you have to have to make the top 15
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