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Central limit theorem (pocket change)

Class Time:

Names:

    Student learning outcomes

  • 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

  1. Count the change in your pocket. (Do not include bills.)
  2. Randomly survey 30 classmates. Record the values of the change in [link] .
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
  3. Construct a histogram. Make five to six intervals. Sketch the graph using a ruler and pencil. Scale the axes.
    Blank graph template. The horizontal axis is labeled Value of the change and the vertical axis is labeled Frequency.
  4. Calculate the following ( n = 1; surveying one person at a time):
    1. x ¯ = _______
    2. s = _______
  5. 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.

  1. Randomly survey 30 pairs of classmates.
  2. Record the values of the average of their change in [link] .
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
  3. 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.
    This is a blank graph template. The horizontal axis is labeled Value of the change and the vertical axis is labeled Frequency.
  4. Calculate the following ( n = 2; surveying two people at a time):
    1. x ¯ = _______
    2. s = _______
  5. 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.

  1. Randomly survey 30 groups of five classmates.
  2. Record the values of the average of their change.
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
    __________ __________ __________ __________ __________
  3. 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.
    This is a blank graph template. The horizontal axis is labeled Value of the change and the vertical axis is labeled Frequency.
  4. Calculate the following ( n = 5; surveying five people at a time):
    1. x ¯ = _______
    2. s = _______
  5. 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

  1. Why did the shape of the distribution of the data change, as n changed? Use one to two complete sentences to explain what happened.
  2. In the section titled Collect the Data , what was the approximate distribution of the data? X ~ _____(_____,_____)
  3. In the section titled Collecting Averages of Groups of Five , what was the approximate distribution of the averages? X ¯ ~ _____(_____,_____)
  4. In one to two complete sentences, explain any differences in your answers to the previous two questions.

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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