The student will compare and contrast empirical data from a random number generator with the uniform distribution.
Collect the data
Use a random number generator to generate 50 values between zero and one (inclusive). List them in
[link] . Round the numbers to four decimal places or set the calculator MODE to four places.
Complete the table.
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Calculate the following:
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s = _______
first quartile = _______
third quartile = _______
median = _______
Organize the data
Construct a histogram of the empirical data. Make eight bars.
Construct a histogram of the empirical data. Make five bars.
Describe the data
In two to three complete sentences, describe the shape of each graph. (Keep it simple. Does the graph go straight across, does it have a V shape, does it have a hump in the middle or at either end, and so on. One way to help you determine a shape is to draw a smooth curve roughly through the top of the bars.)
Describe how changing the number of bars might change the shape.
Theoretical distribution
In words,
X = _____________________________________.
The theoretical distribution of
X is
X ~
U (0,1).
In theory, based upon the distribution
X ~
U (0,1), complete the following.
μ = ______
σ = ______
first quartile = ______
third quartile = ______
median = __________
Are the empirical values (the data) in the section titled
Collect the Data close to the corresponding theoretical values? Why or why not?
Plot the data
Construct a box plot of the data. Be sure to use a ruler to scale accurately and draw straight edges.
Do you notice any potential outliers? If so, which values are they? Either way, justify your answer numerically. (Recall that any DATA that are less than
Q1 – 1.5(
IQR ) or more than
Q3 + 1.5(
IQR ) are potential outliers.
IQR means interquartile range.)
Compare the data
For each of the following parts, use a complete sentence to comment on how the value obtained from the data compares to the theoretical value you expected from the distribution in the section titled
Theoretical Distribution .
minimum value: _______
first quartile: _______
median: _______
third quartile: _______
maximum value: _______
width of
IQR : _______
overall shape: _______
Based on your comments in the section titled
Collect the Data , how does the box plot fit or not fit what you would expect of the distribution in the section titled
Theoretical Distribution ?
Discussion question
Suppose that the number of values generated was 500, not 50. How would that affect what you would expect the empirical data to be and the shape of its graph to look like?
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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