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L15.2082 - Statistics for Business and Economics (2024/2025)

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The correlation coefficient is measured in the same units as the variables.

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Consider the following card game with a well-shuffled deck of 52 cards. You win 3 € if you draw a black king or a spade and 7 € if you draw a heart or a red queen. If you draw any other card you win nothing.

What is the maximum amount you would be willing to pay to play this game?

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Covariance is affected by the scale of the variables.

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Which of the following is equal to Var(3X −3Y ), where X and Y are two random variables?
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A telephone number is selected at random from a directory. Suppose that  denote the last digit of selected telephone number. The average and the variance of are, respectively,

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The cumulative probability function of the daily number of customers visiting a retail store during a specific time slot () is given in the table below.

The expected value and variance of the daily number of costumers visiting the store are, respectively,

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Let be a random variable that represents the number of brand B products that are purchased per day in a small market. The average and the standard deviation of the number of brand B products that are purchased per day are 2 and 0.5, respectively

It is known that the relationship between the number of brand C products that are purchased in this market per day, , and the variable is given by . The mean and variance of are, respectively,

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Which correlation coefficient best matches the scatterplot shown below?

Scatterplot B

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