The student will demonstrate and compare properties of the central limit theorem.
Note
This lab works best when sampling from several classes and combining data.
Collect the data
Count the change in your pocket. (Do not include bills.)
Randomly survey 30 classmates. Record the values of the change in
[link] .
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Construct a histogram. Make five to six intervals. Sketch the graph using a ruler and pencil. Scale the axes.
Calculate the following (
n = 1; surveying one person at a time):
= _______
s = _______
Draw a smooth curve through the tops of the bars of the histogram. Use one to two complete sentences to describe the general shape of the curve.
Collecting averages of pairs
Repeat steps one through five of the section
Collect the Data. with one exception. Instead of recording the change of 30 classmates, record the average change of 30 pairs.
Randomly survey 30
pairs of classmates.
Record the values of the average of their change in
[link] .
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Construct a histogram. Scale the axes using the same scaling you used for the section titled
Collect the Data . Sketch the graph using a ruler and a pencil.
Calculate the following (
n = 2; surveying two people at a time):
= _______
s = _______
Draw a smooth curve through tops of the bars of the histogram. Use one to two complete sentences to describe the general shape of the curve.
Collecting averages of groups of five
Repeat steps one through five (of the section titled
Collect the Data ) with one exception. Instead of recording the change of 30 classmates, record the average change of 30 groups of five.
Randomly survey 30
groups of five classmates.
Record the values of the average of their change.
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Construct a histogram. Scale the axes using the same scaling you used for the section titled
Collect the Data . Sketch the graph using a ruler and a pencil.
Calculate the following (
n = 5; surveying five people at a time):
= _______
s = _______
Draw a smooth curve through tops of the bars of the histogram. Use one to two complete sentences to describe the general shape of the curve.
Discussion questions
Why did the shape of the distribution of the data change, as
n changed? Use one to two complete sentences to explain what happened.
In the section titled
Collect the Data , what was the approximate distribution of the data?
X ~ _____(_____,_____)
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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