Economic Regression
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ECON106 TPS iv 1 Flat Tire When I ride my bike from my house to my office, the trip is 8 miles long. Assume that I am equally likley to get a flat tire at any point on my ride. Let X denote the distance away from my office on my ride to work. a) Draw the probability density function, f(x), for me getting a flat tire on my way to work at a distance x away from my office. Be sure to label the height of f(x). b) What’s the probability that a given flat tire happens within a half mile of my house? c) What’s the probability that a given flat tire happens within a half mile of my office? d) Assume that if I get a flat I’ll either walk back home or walk to my office. What’s the probability that I’ll have to walk more than 1 mile if I get a flat tire? 2 Multiple Choice If Φ(z) = 0.8888, then what is the probability that Z > −z + 0.1? a) .0934 b) .1314 c) .1867 d) .8133 e) .8686 f) .9066 ECON 106 TPS Page 2 3 Big Spenders Data were collected on how much money people make and how much they spend. Afterward, the mean of each variable was subtracted from every observation. People with a positive value for spending are denoted Big Spenders and are members of the set BS while Small Spenders are members of the set SS. People with a positive value for making money are members of the set BM while people with a negative value for making money are members of the set SM. a) Draw a Venn diagram representing the sets BS and BM if there is a strong, positive correlation between how much money people make and how much they spend. b) Draw a Venn diagram representing the sets BS and BM if there is a strong, negative correlation between how much money people make and how much they spend.
Economic Regression
Student’s Name
University/College
Regression
Regression is a metric that accounts for now and future detection of spending the resources. The scarcity of resources trains the economics to handle resources appropriately and avoid wastage of the available resources. Moreover, different scenarios require estimation of the available resources and correlate them to other parts of spending. Significantly, the “flat tire” was a satiation that intersectional point was to expose regression and probability of reaching the target of a point. The situation is to estimate the probability of reaching the required points of the measure resourcefully. Therefore this situation will ap...
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