Fifty percent of Americans believed the country was in a recession, even though technically the economy had not shown two straight quarters of negative growth (Business Week, July 30, 2001). For a sample of 20 Americans, make the following calculations:
a. Compute the probability that exactly 12 people believed the country was in a recession.
b. Compute the probability that no more than five people believed the country was in a recession.
c. Howmany people would you expect to say the county was in a recession?
d. Compute the variance and standard deviation of the number of people who believed the country was in a recession.
This solution is comprised of detailed step-by-step calculations and analysis of the given problems related to Statistics and provides students with a clear perspective of the underlying concepts.