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Problems 3

This document contains 9 questions related to mathematical concepts for economists. The questions cover topics such as identifying concave and convex functions, writing probability experiments using standard notation, determining if events are mutually exclusive or complements, using Bayes' Rule to calculate conditional probabilities, determining if outcomes are statistically independent, identifying if random variables are discrete or continuous, and distinguishing between distribution and density functions.

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Min Jae Park
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12 views

Problems 3

This document contains 9 questions related to mathematical concepts for economists. The questions cover topics such as identifying concave and convex functions, writing probability experiments using standard notation, determining if events are mutually exclusive or complements, using Bayes' Rule to calculate conditional probabilities, determining if outcomes are statistically independent, identifying if random variables are discrete or continuous, and distinguishing between distribution and density functions.

Uploaded by

Min Jae Park
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Mathematics for Economists Workshop Problem Set

1. Are the following functions concave or convex? a. y = ln(x) b. y = ex c. y = 4x3 x + 10x2 2. If you flip a coin twice and record the results of each flip, write this experiment in the standard probability notation. 3. Are the results from a coin flip mutually exclusive, why? 4. Lets consider a single roll of a die as our experiment and the events we are interested in is rolling a 1 or not rolling a one. a. Are these events complements of each other? b. What is the probability of each event? 5. Use Bayes Rule to answer the following questions for ( | ) a. ( ) ( | ) ( )

b. In a criminal court case an eyewitness reports they saw a blue car driving away from the scene at night. An expert determines that an eyewitness will correctly determine the color of a car in the dark 80% of the time. What is the probability that the car was actually blue if only 35% of cars are blue? 6. Are the outcomes of three coin flips statistically independent? Show whether they are or not using the definition of statistical independence and a table of probabilities.

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7. It is common in lotteries for balls to be drawn from a rotating sphere of balls. If we are interested in only one draw from such a situation, is this random variable discrete or continuous? 8. If I am drawing a number randomly from a hat and tell you the probability of the number being 10 is 0.50 of P(x = 10) = 0.50, P(x = 5) = 0.20 and P(x = 1) = 0.30. Is the information given to you a distribution function or a density function? 9. When students take achievement tests it is common for them to receive their scores as percentiles. Is this the distribution function or density function? (For example, Joe scored in the 95th percentile on his GRE Quantitative Section)

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