Probability that the average time

Assignment Help Macroeconomics
Reference no: EM132482900

1. Revenue Canada spends, on the average, 30 minutes per income tax return it decides to audit. These audit times are known to be normally distributed with a standard deviation of 10 minutes.

a. Suppose a tax return is selected at random for audit. What is the probability that it will take less than 24 minutes to complete the audit? 

b. In less than how many minutes that 90% of all these returns can each be audited? 

c. Suppose two tax returns are selected at random. What is the probability that at least one of the two will take less than 24 minutes to audit? 

d. Suppose 5 returns are selected at random. What is the probability that the average time taken to audit these 5 returns will be at least 24 minutes?

Reference no: EM132482900

Questions Cloud

What is the npv of the loan from her parents perspective : Assume a 5% cost of capital. Assume there is no risk of default, and that compounding is monthly. What is the NPV of the loan from her parents' perspective?
Discuss the implications of accepting moral theory : Explain how utility is calculated and apply this to the case, for Kantianism, you must apply the categorical imperatives - Make sure you present the theory
Compute which of the two statements is correct : Compute Which of the two statements is correct? The one-year interest rates for the USD and EUR are: rUSD = 1% and rEUR = 5%.
Prepare the journal entry for Arness to record the sale : Arness estimates the fair value of the recourse liability to be $8,000. Prepare the journal entry for Arness to record the sale
Probability that the average time : Suppose 5 returns are selected at random. What is the probability that the average time taken to audit these 5 returns will be at least 24 minutes?
What is the profit from taking advantage of the mispricing : What is the profit from taking advantage of the mispricing of the spot rate (based on UIRP)? X0USD/EUR = 1.05; rUSD = 2%; rEUR = 7%
Make Ayayai journal entries for the January : The implicit interest rate is 15%. Make Ayayai's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest
What the spot exchange rate is : Assume that the price of a bushel of corn is EUR 3.50 in the Euro Zone and USD 4.00 in the U.S. market. Currently the USD/EUR spot exchange rate is
What is the effect of recording the fair value option : Carla Company commonly issues long-term notes payable to its various lenders. What is the effect of recording the fair value option

Reviews

Write a Review

Macroeconomics Questions & Answers

  What happens to market equilibrium quantity

What happens to Market Equilibrium Price (MEP) if Supply decreases as Demand increases?c. What happens to Market Equilibrium Quantity (MEQ) after there has been an increase in Supply followed by a decrease in Demand which is followed by another in..

  State of money

Which statement most accurately captures the state of money today?

  Explain what is meant by the multiplier

Explain what is meant by the multiplier and explain what variable determines its size. Prove through use of algebra that in a two sector economy saving must be equal to planned investment at the equilibrium level of output.

  When the general price level increases what will happen

In the money market, money supply is determined by the central bank, such as the Fed in the U.S. Because of this, money supply curve is usually vertical in the short run, while the money demand curve is downward sloping.

  What is the gdp per person

Let's see how GDP per person can be affected by changes in the fraction of citizens who work. This fraction is better known as the employment-population ratio.

  Suppose natasha currently makes 50000 per year working as a

suppose natasha currently makes 50000 per year working as a manager at a cable tv company. in one she will quit her job

  Derivation of marshillian demand function

Imagine a person's utility function over two goods, X and Y, where Y represents dollars. Specifically, assume a Cobb-Douglas utility function:

  Managerial economics-a problem solving approach

Spend 2 or 3 hours observing the organization in which you are employed. During the observation, identify internal and external interactions of the organization. You can talk to stakeholders who might have information relating to external interact..

  Formation of cartels and monopolies to protect consumers

The United States has a variety of regulations to address the economic harm resulting from monopoly power in an industry. This includes the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914. These acts were..

  What do you want to be when you grow up

What do you want to be when you grow up? Still not sure? Ask around. You're not alone. Chances are, your friends and relatives aren't certain either.

  Compute the equilibrium price and quantity

Assume you are given the following information about a particular industry, Determine the equilibrium price, the equilibrium quantity, output supplied by the firm, and the profit of each firm.

  Draw a sketch of your redesign

Name two ways you could update the above interface to support the principles ofdirect manipulation. Draw a sketch of your redesign.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd