Answer Happy

Consider the following probability distribution for y = the number of broken eggs in a carton. yo 1 2 p(y) 0.65 0.19 (a) Calculate y 3 0.11 0.03 4 This answer has not been graded yet. 0.02 Interpret #y. In the long run, the mean number of broken eggs per carton will equal μy. In the long run, the maximum number of broken eggs per carton will equal μy. In the long run, the proportion of cartons that have no broken eggs will equal μy. In the long run, the proportion of cartons that have exactly one broken egg will equal μy In the long run, the minimum number of broken eggs per carton will equal μy. (b) In the long run, for what percentage of cartons is the number of broken eggs less than μ,? % Does this surprise you? (c) Why doesn't , = 0+1+2+3+4 5 In the long run, there are many more ---Select--than any of the other numbers. = 2.0? Explain.
Does it pay to stay in school? A report looked at the median hourly wage gain per additional year of schooling in 2007. The report states that workers with a high school diploma had a median hourly wage that was 16% higher than those who had only completed 11 years of school. Workers who had completed 1 year of college (13 years of education) had a median hourly wage that was 17% higher than that of the workers who had completed only 12 years of school. The added gain in median hourly wage for each additional year of school is shown in the accompanying table. The entry for 15 years of schooling has been intentionally omitted from the table. Years of Schooling for the Additional Year (percent) 2007 Median Hourly Wage Gain 12 13 14 16 17 18 16 17 19 22 24 25 LA USE SALT (a) Use the given data to predict the median hourly wage gain (in percent) for the 15th year of schooling. [Round your answer to one decimal place.) 20.5 (b) The actual wape gain for 15th year of schooling was 21%. How close (in percent) was the actual value to the predicted wage gain percent from part (a)? (Use actual-predicted. Round your answer to one decimal place.)