A Student Taking Economics, Statistics, and Finance Has Decided to Spend

question 49

Multiple Choice

A student taking economics, statistics, and finance has decided to spend 9 hours per week studying. The objective is to maximize the average grade, which means maximizing the total grade in the three courses. The table shows the student's estimate of the relation between time spent studying each course and the grade for each course.

$\begin{array}{llll}&&\text { Grade ln }\\ \text { Hours of Study}& \text {Economics }& \text {Statistics }& \text {Finance }\\0 & 50 & 42 & 56 \\1 & 62 & 54 & 68 \\2 & 71 & 64 & 76 \\3 & 79 & 72 & 82 \\4 & 85 & 80 & 87 \\5 & 88 & 84 & 90 \\6 & 90 & 87 & 93 \\7 & 92 & 89 & 95\end{array}$
-How should the student allocate her time?

• A) 3 hours economics, 4 hours statistics, 2 hours finance
• B) 3 hours economics, 3 hours statistics, 3 hours finance
• C) 4 hours economics, 3 hours statistics, 2 hours finance
• D) 3 hours economics, 2 hours statistics, 4 hours finance
• E) none of the above

Know how to calculate and interpret the covariance and correlation between two variables, indicating their relationship.

Comprehend and apply marginal and conditional probability concepts in determining distributions.

Perform direct calculations with probability distributions to find the probability of specific outcomes.

Apply probability theory to real-world scenarios to analyze and solve problems.

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Definitions:

Impoverished

Lacking in financial, social, or other resources necessary for a standard of living considered comfortable or normal in society.

Behavioral Effects

The changes in behavior that occur as a result of an experiment, treatment, or any environmental or psychological phenomenon.

Morphine

A powerful opioid analgesic drug derived from the opium poppy, used to relieve severe pain.

Receptor Sites

Specific locations on the surface of a cell or within a cell where molecules, such as hormones or neurotransmitters, can bind to influence cellular function.