Problem. #3 www.cia.gov- The Gross Domestic Product (GDP) in Nepal was estimated

Question

Problem. #3 www.cia.gov- The Gross Domestic Product (GDP) in Nepal was estimated to be $24.07 billion in 2016. The end user GPD composition is as follows (adjusted for net exports): Household consumption Government consumption Investment in fixed capital Investment in inventories 57.6% 8.9% 25.6% 7.9% Use EXCEL binom.dist.range functions to solve the following probabilities. Show proper probability notation, show the Excel formula used, and carry your work to 5 decimal places. a) In a sample of 10 expenditures, what is the probability exactly 4 were spent as investment in b) In a sample of 12 expenditures, what is the probability that at least 3 were spent on c) In a sample of 15 expenditures, what is the probability that 8 or fewer were spent on d) In a sample of 19 expenditures, what is the probability that 3 to 9 were spent on investment in e) Using the binominv function, when 18 expenditures are sampled, there is a 95% fixed capital? household consumption'? government consumption? inventories? probability that less than or equal to how many were spent on investment in fixed capital?

Explanation / Answer

Part a

We are given n=10, p = 0.256

We have to find P(X=4)

Use excel command: =binomdist(4,10,0.256,0)

P(X=4) = 0.15297

Required probability = 0.15297

Part b

We are given n=12, p=0.576

We have to find P(X3)

P(X3) = 1 – P(X2)

Use excel command: =1 - binomdist(2,12,0.576,1)

P(X3) = 0.99530

Required probability = 0.99530

Part c

We are given n=15, p = 0.089

We have to find P(X8)

Use excel command: =binomdist(8,15,0.089,1)

P(X8) = 0.999999

Required probability = 1.00000

Part d

We are given n=19, p=0.079

We have to find P(3X9)

P(3X9) = P(X9) – P(X2)

Use excel command: =binomdist(9,19,0.079,1) - binomdist(2,19,0.079,1)

P(3X9) = 0.185956

Required probability = 0.18596

Part e

We are given n=18, p=0.256

We are given P(Xx) = 0.95

Use excel command: =binom.inv(18,0.256,0.95)

X = 7.5 or approximately 8

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