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
Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
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?
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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