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Statistics For Economists 1 Cat 2 Question Paper

Statistics For Economists 1 Cat 2

Course:Bachelor Of Economics And Statistics

Institution: Kenyatta University question papers

Exam Year:2010

KENYATTA UNIVERSITY
SCHOOL OF ECONOMICS
DEPARTMENT OF ECONOMETRICS AND STATISTICS
EES 201 :STATISTICS FOR ECONOMISTS 1
CAT 2 2010 SEMESTER 2
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Instructions:Answer all the questions

QUESTION ONE
A problem is given to three managers A, B, C whose chances of solving are ½, ?, ¼ respectively. What is the probability that the problem will be solved?

QUESTION TWO
Three groups of children contain respectively 3 girls and 1 boy; 2 girls and 2 boys; 1girl and 3 boys. One child is selected at random from each group, show that the chance that the three selected, consist of 1 girl and 2 boys is 13/32.

QUESTION THREE
The following table gives a bi-variate frequency distribution of 50 managers according to their age and salary (in rupees).
Salary in rupees
Age in years 1000-1500 1500-2000 2000-2500 2500-3000 Total
20-30 2 3 - - 5
30-40 5 4 2 1 12
40-50 - 2 10 3 15
50-60 - 1 8 9 18
Total 7 10 20 13 50

If a manager is chosen at random from the above distribution, find the chance that; (i) he is in the age group of 30-40 and earns more than Rs.1500, (ii) his earnings are in the range of Rs.2000-2500 and is less than 50 years old.

QUESTION FOUR
Computer analysis of satellite data has correctly forecast locations of economic oil deposits 80% of the time. The last 24 oil wells drilled produced only 8 wells that were economic. The latest analysis indicates economic quantities at a particular location. What is the probability that the well will produce economic quantities of oil?

QUESTION FIVE
A firm recently submitted a bid for a turnkey project for a 500 MW power plant. If its main competitor submits a bid, the chances of bid being awarded to the firm is 0.3. If the main competitor doesn’t bid, there is a ¾ chance of the firm getting the contract. There is a 0.50 chance that the main competitor will bid.
i)What is the probability of the firm’s getting the contract?
ii)What is the probability that the competitor’s bid given that the firm’s bid is awarded?

QUESTION SIX
A firm has four plants scattered around the city producing the same homogeneous item at all plants. The first plant produces 30 per cent of the total production, second plant 25 per cent, third plant 35 per cent and the fourth plant 10 per cent. The firm has a single warehouse in the city for storing the finished product of all the plants without any distinction. From the past performance records on the proportion of defectives, it has been found that 5 per cent, 10 per cent, 15 per cent and 20 per cent from the items produced at plants 1, 2, 3, and 4 respectively are defective. Before the shipment of the items to a dealer, one unit is selected and found defective. What is the probability that the item was produced in plant 3?

Statistics For Economists 1 Cat 2 Question Paper

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