The student will compare empirical data and a theoretical distribution to determine if a Tet gambling game fits a discrete distribution.
The student will demonstrate an understanding of long-term probabilities.
Supplies
one “Lucky Dice” game or three regular dice
Procedure
Round answers to relative frequency and probability problems to four decimal places.
The experimental procedure is to bet on one object. Then, roll three Lucky Dice and count the number of matches. The number of matches will decide your profit.
What is the theoretical probability of one die matching the object?
Choose one object to place a bet on. Roll the three Lucky Dice. Count the number of matches.
Let
X = number of matches. Theoretically,
X ~
B (______,______)
Let
Y = profit per game.
Organize the data
In
[link] , fill in the
y value that corresponds to each
x value. Next, record the number of matches picked for your class. Then, calculate the relative frequency.
Complete the table.
x
y
Frequency
Relative Frequency
0
1
2
3
Calculate the following:
= _______
s
x = ________
= _______
s
y = _______
Explain what
represents.
Explain what
represents.
Based upon the experiment:
What was the average profit per game?
Did this represent an average win or loss per game?
How do you know? Answer in complete sentences.
Construct a histogram of the empirical data.
Theoretical distribution
Build the theoretical PDF chart for
x and
y based on the distribution from the
Procedure section.
x
y
P (
x ) =
P (
y )
0
1
2
3
Calculate the following:
μ
x = _______
σ
x = _______
μ
x = _______
Explain what
μ
x represents.
Explain what
μ
y represents.
Based upon theory:
What was the expected profit per game?
Did the expected profit represent an average win or loss per game?
How do you know? Answer in complete sentences.
Construct a histogram of the theoretical distribution.
Use the data
Note
RF = relative frequency
Use the data from the
Theoretical Distribution section to calculate the following answers. Round your answers to four decimal places.
P (
x = 3) = _________________
P (0<
x <3) = _________________
P (
x ≥ 2) = _________________
Use the data from the
Organize the Data section to calculate the following answers. Round your answers to four decimal places.
RF (x = 3) = _________________
RF (0<
x <3) = _________________
RF (
x ≥ 2) = _________________
Discussion question
For questions 1 and 2, consider the graphs, the probabilities, the relative frequencies, the means, and the standard deviations.
Knowing that data vary, describe three similarities between the graphs and distributions of the theoretical and empirical distributions. Use complete sentences.
Describe the three most significant differences between the graphs or distributions of the theoretical and empirical distributions.
Thinking about your answers to questions 1 and 2, does it appear that the data fit the theoretical distribution? In complete sentences, explain why or why not.
Suppose that the experiment had been repeated 500 times. Would you expect
[link] or
[link] to change, and how would it change? Why? Why wouldn’t the other table change?
Questions & Answers
What are the factors that affect demand for a commodity
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
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