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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

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
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Venny Reply
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Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
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Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
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,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
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)
Kelo
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Shukri
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Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
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
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Shukri
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Lilia Reply
what is the difference between economic growth and development
Fiker Reply
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 ?
Abdisa Reply
any question about economics?
Awais Reply
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
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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 .
Feyisa Reply
Answer
Feyisa
c
Jabir
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
Gsbwnw Reply
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
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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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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