In a Certain Population, 10% of People Are Left Handed

question 142

Essay

In a certain population, 10% of people are left handed. Suppose that in calculating each of the probabilities below, you use the normal distribution as an approximation to the binomial but that you fail to use a continuity correction. In which case will the resulting error be the greatest? In which case will the error be the least? Explain your thinking. A: the probability that among 50 randomly selected people, at least 5 are left handed B: the probability that among 100 randomly selected people, more than 10 are left handed C: the probability that among 200 randomly selected people, at most 20 are left handed

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Definitions:

Oral Contract

An agreement between parties that is made through spoken words and is legally binding, though not written.

Unliquidated Debt

A debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.

Repayment Schedule

A detailed plan outlining the frequency, amount, and duration of payments owed by a borrower to a lender until the debt is paid off.

Promissory Estoppel

A legal principle that prevents a party from going back on a promise made when the other party has reasonably relied on that promise to their detriment.