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Discrete distribution (lucky dice experiment)

Class Time:

Names:

    Student learning outcomes

  • 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.

  1. 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.
  2. What is the theoretical probability of one die matching the object?
  3. Choose one object to place a bet on. Roll the three Lucky Dice. Count the number of matches.
  4. Let X = number of matches. Theoretically, X ~ B (______,______)
  5. 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.

  1. Complete the table.
    x y Frequency Relative Frequency
    0
    1
    2
    3
  2. Calculate the following:
    1. x ¯ = _______
    2. s x = ________
    3. y ¯ = _______
    4. s y = _______
  3. Explain what x ¯ represents.
  4. Explain what y ¯ represents.
  5. Based upon the experiment:
    1. What was the average profit per game?
    2. Did this represent an average win or loss per game?
    3. How do you know? Answer in complete sentences.
  6. Construct a histogram of the empirical data.
    This is a blank graph template. The x-axis is labeled Number of matches. The y-axis is labeled Relative frequency.

Theoretical distribution

Build the theoretical PDF chart for x and y based on the distribution from the Procedure section.

  1. x y P ( x ) = P ( y )
    0
    1
    2
    3
  2. Calculate the following:
    1. μ x = _______
    2. σ x = _______
    3. μ x = _______
  3. Explain what μ x represents.
  4. Explain what μ y represents.
  5. Based upon theory:
    1. What was the expected profit per game?
    2. Did the expected profit represent an average win or loss per game?
    3. How do you know? Answer in complete sentences.
  6. Construct a histogram of the theoretical distribution.
    This is a blank graph template. The x-axis is labeled Number of diamonds. The y-axis is labeled Probability.

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.

  1. P ( x = 3) = _________________
  2. P (0< x <3) = _________________
  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.

  1. RF (x = 3) = _________________
  2. RF (0< x <3) = _________________
  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.

  1. Knowing that data vary, describe three similarities between the graphs and distributions of the theoretical and empirical distributions. Use complete sentences.
  2. Describe the three most significant differences between the graphs or distributions of the theoretical and empirical distributions.
  3. 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.
  4. 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.
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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