Yavuz Sefik 2/25/15 Week 25 Textbook Assignment 1. Why did the Industrial Revolution start in Britain? Britain was already experienced in the areas of metallurgy and mining because of their access to coal and iron. This would help give them a head start in the revolution. The individualistic attitude of the population of Britain, as well as the importance placed in understanding the rational aspect of nature gave the people a reason to create machines. The enclosure movement, where wealthy landlords could take land whenever needed, allowed for a mass migration of labor from the countryside to the cities of Britain. Factories now had the labor they needed to ensure productivity, and the perfect conditions for the Industrial Revolution were set. 2. What role did the cotton industry play in the beginnings of the Industrial Revolution? New technology was introduced into the cotton industry that made it easier for it to be woven and spun. Buildings where these machines could be placed were needed, so more factories were built, and more jobs were created. As newer technology for spinners was invented, technology for weavers raced to catch up, and vice versa. This created competition that would continue to drive industry. 3. How did the development of steam power transform industry in Britain? It allowed for factories to be built anywhere, whereas before they had to be built near the only reliable power source at the time, water. As steam power was more widely used, industry grew faster. Railroads were built that could transport goods at timely speed, and steam-powered boats were constructed so that bigger payloads could be shipped farther. As a result, weaker people – children and women – could work with these stronger, less demanding machines, and society in Britain was transformed. 4. What is Doctor Kay’s description of the mental and physical health of a worker in a Manchester cotton mill? The workers become reckless since they work so hard yet they are given so little. They lived and worked in crowded and filthy environments, and they caught diseases easily. The home is only seen as shelter, and meals are prepared and eaten hastily, so that they can get back to making the little money that they do. 5. Kay does not seem to think the employer, the machines, or the society, are responsible for the workers’ misery. What do you think? I believe that if applied correctly, the machines can be used to benefit society as a whole. The only reason that the people were as miserable as they were was the lack of compassion in the employers and in the government. All the employers care about is making as big a profit as possible, while the government allows this so that the nation’s economy can grow. If regulations were put into place, society would be different, and the workers’ lives would likely become better. 1(Use computer) Assume that X is a hypergeometric random variable with N = 46, S = 15, and n = 12. Calculate the following probabilities. (Roun.

1. Yavuz Sefik
2/25/15
Week 25 Textbook Assignment
1. Why did the Industrial Revolution start in Britain?
Britain was already experienced in the areas of metallurgy and
mining because of their access to coal and iron. This would help
give them a head start in the revolution. The individualistic
attitude of the population of Britain, as well as the importance
placed in understanding the rational aspect of nature gave the
people a reason to create machines. The enclosure movement,
where wealthy landlords could take land whenever needed,
allowed for a mass migration of labor from the countryside to
the cities of Britain. Factories now had the labor they needed to
ensure productivity, and the perfect conditions for the Industrial
Revolution were set.
2. What role did the cotton industry play in the beginnings of
the Industrial Revolution?
New technology was introduced into the cotton industry that
made it easier for it to be woven and spun. Buildings where
these machines could be placed were needed, so more factories
were built, and more jobs were created. As newer technology
for spinners was invented, technology for weavers raced to
catch up, and vice versa. This created competition that would
continue to drive industry.
3. How did the development of steam power transform industry
in Britain?
It allowed for factories to be built anywhere, whereas before
they had to be built near the only reliable power source at the
time, water. As steam power was more widely used, industry
grew faster. Railroads were built that could transport goods at
timely speed, and steam-powered boats were constructed so that
bigger payloads could be shipped farther. As a result, weaker

2. people – children and women – could work with these stronger,
less demanding machines, and society in Britain was
transformed.
4. What is Doctor Kay’s description of the mental and physical
health of a worker in a Manchester cotton mill?
The workers become reckless since they work so hard yet they
are given so little. They lived and worked in crowded and filthy
environments, and they caught diseases easily. The home is only
seen as shelter, and meals are prepared and eaten hastily, so that
they can get back to making the little money that they do.
5. Kay does not seem to think the employer, the machines, or
the society, are responsible for the workers’ misery. What do
you think?
I believe that if applied correctly, the machines can be used to
benefit society as a whole. The only reason that the people were
as miserable as they were was the lack of compassion in the
employers and in the government. All the employers care about
is making as big a profit as possible, while the government
allows this so that the nation’s economy can grow. If
regulations were put into place, society would be different, and
the workers’ lives would likely become better.
1(Use computer) Assume that X is a hypergeometric random
variable with N = 46, S = 15, and n = 12. Calculate the
following probabilities. (Round your answers to 4 decimal
places.) a. P(X = 9)( ) b. P(X ≥ 2)(
) c. P(X ≤ 4)( )
2India is the second most populous country in the world, with a
population of over 1 billion people. Although the government
has offered various incentives for population control, some
argue that the birth rate, especially in rural India, is still too
high to be sustainable. A demographer assumes the following
probability distribution of the household size in
India.Household

3. SizeProbability10.0320.1330.1740.2550.1460.1570.180.03a.Wh
at is the probability that there are less than 5 members in a
typical household in India? (Round your answer to 2 decimal
places.) Probability( )b.What is the probability that
there are 5 or more members in a typical household in
India? (Round your answer to 2 decimal places.) Probability(
)c.What is the probability that the number of members in a
typical household in India is greater than 2 and less than 5
members? (Round your answer to 2 decimal
places.) Probability( )
3Professor Sanchez has been teaching Principles of Economics
for over 25 years. He uses the following scale for
grading.Grade Numerical ScoreProbabilityA40.120 B30.290
C20.420 D10.115 F00.055 Part (a) omittedb.Convert
the above probability distribution to a cumulative probability
distribution. (Round your answers to 3 decimal
places.)Grade P(X ≤ x)F( )D(
)C( )B( )A( )c.What is the
probability of earning at least a B in Professor Sanchez’s
course? (Round your answer to 3 decimal places.) Probability(
)d.What is the probability of passing Professor Sanchez’s
course? (Round your answer to 3 decimal places.) Probability(
)
4A professor has learned that nine students in her class of 38
will cheat on the exam. She decides to focus her attention on
twelve randomly chosen students during the exam.a.What is the
probability that she finds at least one of the students
cheating? (Round your intermediate calculations and final
answers to 4 decimal places.) Probability( )b.What
is the probability that she finds at least one of the students
cheating if she focuses on fourteen randomly chosen
students? (Round your intermediate calculations and final
answers to 4 decimal places.) Probability( )
5(Use computer) A committee of 65 members consists of 50
men and 15 women. A subcommittee consisting of 13 randomly
selected members will be formed.a.What are the expected

4. number of men and women in the
subcommittee? Expected Number Men(
) Women( )b.What is the probability that at least six
of the members in the subcommittee will be women? (Round
your answer to 4 decimal places.) Probability( )
6Assume that X is a binomial random variable with n = 27
and p = 0.85. Calculate the following probabilities. (Round your
intermediate and final answers to 4 decimal places.) a. P(X =
26)( ) b. P(X = 25)( ) c. P(X ≥ 25)(
)
7Market observers are quite uncertain whether the stock market
has bottomed out from the economic meltdown that began in
2008. In an interview on March 8, 2009, CNBC interviewed two
prominent economists who offered differing views on whether
the U.S. economy was getting stronger or weaker. An investor
not wanting to miss out on possible investment opportunities
considers investing $16,000 in the stock market. He believes
that the probability is 0.25 that the market will improve, 0.39
that it will stay the same, and 0.36 that it will deteriorate.
Further, if the economy improves, he expects his investment to
grow to $25,000, but it can also go down to $13,000 if the
economy deteriorates. If the economy stays the same, his
investment will stay at $16,000.a.What is the expected value of
his investment? Expected value$( )b.What should the
investor do if he is risk neutral?Investor should/should
not invest the $16,000.c.Is the decision clear-cut if he is risk
averse?YesNo
8(Use computer) Assume that X is a Poisson random variable
with μ = 20. Calculate the following probabilities. (Round your
intermediate calculations and final answers to 4 decimal
places.) a. P(X ≤ 9)( ) b. P(X = 11)(
) c. P(X > 15)( ) d. P(17 ≤ X ≤ 25)( )
9Investment advisors recommend risk reduction through
international diversification. International investing allows you
to take advantage of the potential for growth in foreign
economies, particularly in emerging markets. Janice Wong is

5. considering investment in either Europe or Asia. She has
studied these markets and believes that both markets will be
influenced by the U.S. economy, which has a 24% chance for
being good, a 42% chance for being fair, and a 34% chance for
being poor. Probability distributions of the returns for these
markets are given in the accompanying table.State of
theReturnsReturnsU.S. Economyin Europein AsiaGood23%
29% Fair7% 13% Poor−4%
−16% a.Find the expected value and the standard
deviation of returns in Europe and Asia. (Round your
intermediate calculations to 4 decimal places and final answers
to 2 decimal places.) Europe Asia Expected value( %
)( % ) Standard deviation( % )( %
)b.What will Janice pick as an investment if she is risk
neutral?Investment in AsiaInvestment in Europe
10A basketball player is fouled while attempting to make a
basket and receives two free throws. The opposing coach
believes there is a 59% chance that the player will miss both
shots, a 24% chance that he will make one of the shots, and a
17% chance that he will make both shots.a.Construct the
appropriate probability distribution. (Round your answers to 2
decimal places.)x P(X = x)0( )1( )2(
)b.What is the probability that he makes no more than one of the
shots? (Round your answer to 2 decimal places.) Probability(
)c.What is the probability that he makes at least one of the
shots? (Round your answer to 2 decimal places.) Probability(
)
Sheet11
Yavuz Sefik
2/25/15
Week 25 Analysis Assignment
Thomas Malthus believed that “population, when
unchecked, increases in a geometrical ratio,” and that
“subsistence increases only in an arithmetical ratio.” What he is
saying is that eventually, the population exceeds the amount of

6. food that is available for consumption; therefore, starvation
occurs among the poor, and many die.
Malthus states that by nature, we require food. That means
that there must be a “strong and constantly operating check on
population from the difficulty of subsistence.” This check,
according to him, is the starvation of the poor. Since there is
less food, less people can eat the same amount of food to
survive. “The poor consequently must live much worse, and
many of them be reduced to severe distress. The number of
labourers also being above the proportion of the work in the
market, the price of labour must tend toward a decrease; while
the price of provisions would at the same time tend to rise. The
labourer therefore must work harder to earn the same as he did
before.”
He then finally states that population growth “cannot be
checked, without producing misery or vice,” and implies that
even though the government may try to implement welfare
programs to benefit the poor, in the end, the natural law will
win, and the ones who cannot afford food will die. According to
him, it is best to let nature run its course, so that most of the
population can be happy.
Yavuz Sefik
2/25/15
Week 25 Homework Assignment
1. What role did the preceding agricultural revolution play in
the rise of industry in Britain?
Without the agricultural revolution that previously took place,
the Industrial Revolution could not have occurred in Britain. As
farming improved (increased use of pesticides, farming methods
such as crop rotation, and the enclosure movement), agricultural
output increased, and more people lived longer. As a result,
more labor was available for industry, and the people, booted
from their farms because of the enclosure movement, went
looking for work in the cities.

7. 2. What roles did cotton, the steam engine and new forms of
transportation have that led to the rise of industry in Britain?
New technology was introduced into the cotton industry that
made it easier for it to be woven and spun. Buildings where
these machines could be placed were needed, so more factories
were built, and more jobs were created. As newer technology
for spinners was invented, technology for weavers raced to
catch up, and vice versa. This created competition that would
continue to drive industry.
The steam engine allowed for factories to be built anywhere,
whereas before they had to be built near the only reliable power
source at the time, water. As steam power was more widely
used, industry grew faster. Railroads were built that could
transport goods at timely speed, and steam-powered boats were
constructed so that bigger payloads could be shipped farther. As
a result, weaker people – children and women – could work with
these stronger, less demanding machines, and society in Britain
was transformed.
3. What were the working and living conditions of the poor
proletariat workers in Industrial Britain?
The proletariat workers lived and worked in crowded and filthy
environments, and they caught diseases easily. The home is only
seen as shelter, and meals are prepared and eaten hastily, so that
they can get back to making the little money that they do. Dust
and soot was everywhere, and had negative effects on the
workers’ lungs.