Chapter Probability. Probability is the branch of mathematics that describes the pattern of chance outcomes

Size: px
Start display at page:

Download "Chapter Probability. Probability is the branch of mathematics that describes the pattern of chance outcomes"

Transcription

1 Chapter Probability Probability is the branch of mathematics that describes the pattern of chance outcomes

2 As a special promotion for its 20 oz bottles of soda, a soft drink company printed a message on the inside of each bottle cap. Some of the caps said, Please try again! while others said, You re a winner! The company advertised the promotion with the slogan 1 in 6 wins a prize. The prize is a free 20 oz bottle of soda, which comes out of the store owner s profits. Seven friends each buy one 20 oz bottle at a local convenience store. The store clerk is surprised when 3 of them win. The store owner is concerned about losing money from giving away too many free sodas. She wonders if this group of friends is just lucky or if the company s 1-in-6 claim is inaccurate. For now, let s assume that the company is telling the truth, and that every 20 oz bottle of soda as a 1-in-6 chance of being a winner. We can model the status of an individual bottle with a six-sided die: let 1 through 5 represent Please try again! and 6 represents You re a winner!. Roll your die seven times to imitate the process of the seven friends buying their sodas. How many won a prize? Add your number of wins to the dotplot on the board. Do this simulation one more time. How many won a prize?

3 The Idea of Probability Chance behavior is unpredictable in the short run, but has a regular and predictable pattern in the long run. The law of large numbers says that if we observe more and more repetitions of any chance process, the proportion of times that a specific outcome occurs approaches a single value. Definition: The probability of any outcome of a chance process is a number between 0 (never occurs) and 1(always occurs) that describes the proportion of times the outcome would occur in a very long series of repetitions. Probability is long-term relative frequency

4 Pretend you are flipping a coin 30 times. Write down the results you see in your mind. A run is a repetition of the same result. Plot the length of the longest run you had. Now use your calculator to simulate these flips. Be sure you "seed" your calculator. This will insure that the same random numbers do not appear on everyone's calculator. Enter a random number in the calculator such as the student ID number or telephone number. Then press [STO->] [MATH] "PRB" "1:rand. We want to pick 30 numbers, either 1 (let this represent tails) and 2 (heads). RandInt(1,2,30)" [ENTER]. What is the length of your longest run?

5 Myths About Randomness The idea of probability seems straightforward. However, there are several myths of chance behavior we must address. The myth of short-run regularity: The idea of probability is that randomness is predictable in the long run. Our intuition tries to tell us random phenomena should also be predictable in the short run. However, probability does not allow us to make short-run predictions. The myth of the law of averages : Probability tells us random behavior evens out in the long run. Future outcomes are not affected by past behavior. That is, past outcomes do not influence the likelihood of individual outcomes occurring in the future.

6 Thinking about randomness You must have a long series of independent trials The outcome of one trial must not influence the outcome of any other Empirical Probability the probability of simulations Theoretical Probability the probability of mathematical formulas Computer simulations are very useful because we need long runs of trials Short runs give only rough estimates of a probability

7 Simulation The imitation of chance behavior, based on a model that accurately reflects the situation, is called a simulation. Performing a Simulation State: Ask a question of interest about some chance process. Plan: Describe how to use a chance device to imitate one repetition of the process. Tell what you will record at the end of each repetition. Do: Perform many repetitions of the simulation. Conclude: Use the results of your simulation to answer the question of interest. We can use physical devices, random numbers (e.g. Table D), and technology to perform simulations.

8 Simulation is an effective tool for finding likelihoods of complex results once we have a trustworthy model Table of random digits Graphing calculator Computer software EX: In an attempt to increase sales, a breakfast cereal company decides to offer a NASCAR promotion. Each box of cereal will contain a collectible card featuring one of these NASCAR drivers: Jeff Gordon, Dale Earnhardt Jr., Tony Stewart, Danica Patrick, or Jimmie Johnson. The company says that each of the 5 cards is equally likely to appear in any box of cereal. A NASCAR fan decides to keep buying boxes of the cereal until she has all 5 drivers cards. She is surprised when it takes her 23 boxes to get the full set of cards. Should she be surprised? Design and carry out a simulation to help answer this question. 8

9 1. State Simulation basics I must have all 5 of those NASCAR cards! We will model picking boxes of cereal from our random digit table with one of the 5 NASCAR cards in it. 2. Plan Probability of picking each card is 1/5 so we need five numbers to represent the five possible cards. Let s let 1 = Jeff Gordon, 2 = Dale Earnhardt, Jr., 3 = Tony Stewart, 4 = Danica Patrick, and 5 = Jimmie Johnson. 9

10 Using the RNT 3. Do Select a line in the RNT (let s use line 115) We only want to look at numbers between 1 and Conclude We had to buy 14 boxes of cereal to get all 5 cards. So our estimate of the probability that it takes 23 or more boxes to get a full set is very low (roughly 0). That NASCAR fan should be surprised about how many boxes she had to buy.

11 Assigning Digits Consider a random group of people in which 70% are employed Consider a random group of people in which 73% are employed 0, 1, 2, 3, 4, 5, 6 = employed 7, 8, 9 = not employed Now you have to use 2 digit numbers (don t use them unless you really have to!) 00, 01, 02, 03,, 72 = employed 73, 74, 75,, 99 = not employed 11

12 Suppose a cereal manufacturer puts cards of famous athletes in boxes of cereal in the hope of boosting sales. The manufacturer announces that 20% of the boxes contain a Alex Rodriguez card, 30% contain a card of Michael Phelps and the rest contain a card of Serena Williams. You must have all three cards! How many boxes of cereal do you expect to have to buy in order to get the complete set?

13 1. State I want all 3 of those cards so I want to simulate picking cereal boxes of these probabilities: A-Rod= 20%, Phelps = 30%, Williams = 50% 2. Plan Assign digits to represent outcomes A-Rod = 0, 1 Phelps = 2, 3,4 Williams = 5, 6, 7, 8, 9 4. Do Use line 150 in RNT to perform simulation 13

14 3. Do This means the order of cards I get is: AR, SW, SW, AR, AR, SW, SW, SW, AR, SW, MP 4. Conclude I had to buy 11 boxes of cereal before I had all 3.

Section 7C: The Law of Large Numbers

Section 7C: The Law of Large Numbers Section 7C: The Law of Large Numbers Example. You flip a coin 00 times. Suppose the coin is fair. How many times would you expect to get heads? tails? One would expect a fair coin to come up heads half

More information

Lab 11. Simulations. The Concept

Lab 11. Simulations. The Concept Lab 11 Simulations In this lab you ll learn how to create simulations to provide approximate answers to probability questions. We ll make use of a particular kind of structure, called a box model, that

More information

Thursday, November 13: 6.1 Discrete Random Variables

Thursday, November 13: 6.1 Discrete Random Variables Thursday, November 13: 6.1 Discrete Random Variables Read 347 350 What is a random variable? Give some examples. What is a probability distribution? What is a discrete random variable? Give some examples.

More information

X: 0 1 2 3 4 5 6 7 8 9 Probability: 0.061 0.154 0.228 0.229 0.173 0.094 0.041 0.015 0.004 0.001

X: 0 1 2 3 4 5 6 7 8 9 Probability: 0.061 0.154 0.228 0.229 0.173 0.094 0.041 0.015 0.004 0.001 Tuesday, January 17: 6.1 Discrete Random Variables Read 341 344 What is a random variable? Give some examples. What is a probability distribution? What is a discrete random variable? Give some examples.

More information

Problem of the Month: Fair Games

Problem of the Month: Fair Games Problem of the Month: The Problems of the Month (POM) are used in a variety of ways to promote problem solving and to foster the first standard of mathematical practice from the Common Core State Standards:

More information

Mathematical goals. Starting points. Materials required. Time needed

Mathematical goals. Starting points. Materials required. Time needed Level S2 of challenge: B/C S2 Mathematical goals Starting points Materials required Time needed Evaluating probability statements To help learners to: discuss and clarify some common misconceptions about

More information

6th Grade Lesson Plan: Probably Probability

6th Grade Lesson Plan: Probably Probability 6th Grade Lesson Plan: Probably Probability Overview This series of lessons was designed to meet the needs of gifted children for extension beyond the standard curriculum with the greatest ease of use

More information

Find an expected value involving two events. Find an expected value involving multiple events. Use expected value to make investment decisions.

Find an expected value involving two events. Find an expected value involving multiple events. Use expected value to make investment decisions. 374 Chapter 8 The Mathematics of Likelihood 8.3 Expected Value Find an expected value involving two events. Find an expected value involving multiple events. Use expected value to make investment decisions.

More information

MATH 140 Lab 4: Probability and the Standard Normal Distribution

MATH 140 Lab 4: Probability and the Standard Normal Distribution MATH 140 Lab 4: Probability and the Standard Normal Distribution Problem 1. Flipping a Coin Problem In this problem, we want to simualte the process of flipping a fair coin 1000 times. Note that the outcomes

More information

The mathematical branch of probability has its

The mathematical branch of probability has its ACTIVITIES for students Matthew A. Carlton and Mary V. Mortlock Teaching Probability and Statistics through Game Shows The mathematical branch of probability has its origins in games and gambling. And

More information

Contemporary Mathematics Online Math 1030 Sample Exam I Chapters 12-14 No Time Limit No Scratch Paper Calculator Allowed: Scientific

Contemporary Mathematics Online Math 1030 Sample Exam I Chapters 12-14 No Time Limit No Scratch Paper Calculator Allowed: Scientific Contemporary Mathematics Online Math 1030 Sample Exam I Chapters 12-14 No Time Limit No Scratch Paper Calculator Allowed: Scientific Name: The point value of each problem is in the left-hand margin. You

More information

Minimax Strategies. Minimax Strategies. Zero Sum Games. Why Zero Sum Games? An Example. An Example

Minimax Strategies. Minimax Strategies. Zero Sum Games. Why Zero Sum Games? An Example. An Example Everyone who has studied a game like poker knows the importance of mixing strategies With a bad hand, you often fold But you must bluff sometimes Lectures in Microeconomics-Charles W Upton Zero Sum Games

More information

Section 6.2 Definition of Probability

Section 6.2 Definition of Probability Section 6.2 Definition of Probability Probability is a measure of the likelihood that an event occurs. For example, if there is a 20% chance of rain tomorrow, that means that the probability that it will

More information

Gaming the Law of Large Numbers

Gaming the Law of Large Numbers Gaming the Law of Large Numbers Thomas Hoffman and Bart Snapp July 3, 2012 Many of us view mathematics as a rich and wonderfully elaborate game. In turn, games can be used to illustrate mathematical ideas.

More information

In the situations that we will encounter, we may generally calculate the probability of an event

In the situations that we will encounter, we may generally calculate the probability of an event What does it mean for something to be random? An event is called random if the process which produces the outcome is sufficiently complicated that we are unable to predict the precise result and are instead

More information

Question: What is the probability that a five-card poker hand contains a flush, that is, five cards of the same suit?

Question: What is the probability that a five-card poker hand contains a flush, that is, five cards of the same suit? ECS20 Discrete Mathematics Quarter: Spring 2007 Instructor: John Steinberger Assistant: Sophie Engle (prepared by Sophie Engle) Homework 8 Hints Due Wednesday June 6 th 2007 Section 6.1 #16 What is the

More information

13.0 Central Limit Theorem

13.0 Central Limit Theorem 13.0 Central Limit Theorem Discuss Midterm/Answer Questions Box Models Expected Value and Standard Error Central Limit Theorem 1 13.1 Box Models A Box Model describes a process in terms of making repeated

More information

Random variables P(X = 3) = P(X = 3) = 1 8, P(X = 1) = P(X = 1) = 3 8.

Random variables P(X = 3) = P(X = 3) = 1 8, P(X = 1) = P(X = 1) = 3 8. Random variables Remark on Notations 1. When X is a number chosen uniformly from a data set, What I call P(X = k) is called Freq[k, X] in the courseware. 2. When X is a random variable, what I call F ()

More information

Introductory Probability. MATH 107: Finite Mathematics University of Louisville. March 5, 2014

Introductory Probability. MATH 107: Finite Mathematics University of Louisville. March 5, 2014 Introductory Probability MATH 07: Finite Mathematics University of Louisville March 5, 204 What is probability? Counting and probability 2 / 3 Probability in our daily lives We see chances, odds, and probabilities

More information

Mathematical Expectation

Mathematical Expectation Mathematical Expectation Properties of Mathematical Expectation I The concept of mathematical expectation arose in connection with games of chance. In its simplest form, mathematical expectation is the

More information

Contemporary Mathematics- MAT 130. Probability. a) What is the probability of obtaining a number less than 4?

Contemporary Mathematics- MAT 130. Probability. a) What is the probability of obtaining a number less than 4? Contemporary Mathematics- MAT 30 Solve the following problems:. A fair die is tossed. What is the probability of obtaining a number less than 4? What is the probability of obtaining a number less than

More information

Probability: The Study of Randomness Randomness and Probability Models. IPS Chapters 4 Sections 4.1 4.2

Probability: The Study of Randomness Randomness and Probability Models. IPS Chapters 4 Sections 4.1 4.2 Probability: The Study of Randomness Randomness and Probability Models IPS Chapters 4 Sections 4.1 4.2 Chapter 4 Overview Key Concepts Random Experiment/Process Sample Space Events Probability Models Probability

More information

PROBABILITY SECOND EDITION

PROBABILITY SECOND EDITION PROBABILITY SECOND EDITION Table of Contents How to Use This Series........................................... v Foreword..................................................... vi Basics 1. Probability All

More information

Ch. 13.2: Mathematical Expectation

Ch. 13.2: Mathematical Expectation Ch. 13.2: Mathematical Expectation Random Variables Very often, we are interested in sample spaces in which the outcomes are distinct real numbers. For example, in the experiment of rolling two dice, we

More information

Probability and Expected Value

Probability and Expected Value Probability and Expected Value This handout provides an introduction to probability and expected value. Some of you may already be familiar with some of these topics. Probability and expected value are

More information

Feb 7 Homework Solutions Math 151, Winter 2012. Chapter 4 Problems (pages 172-179)

Feb 7 Homework Solutions Math 151, Winter 2012. Chapter 4 Problems (pages 172-179) Feb 7 Homework Solutions Math 151, Winter 2012 Chapter Problems (pages 172-179) Problem 3 Three dice are rolled. By assuming that each of the 6 3 216 possible outcomes is equally likely, find the probabilities

More information

What is the Probability of Pigging Out

What is the Probability of Pigging Out What is the Probability of Pigging Out Mary Richardson Susan Haller Grand Valley State University St. Cloud State University richamar@gvsu.edu skhaller@stcloudstate.edu Published: April 2012 Overview of

More information

Algebra 2 C Chapter 12 Probability and Statistics

Algebra 2 C Chapter 12 Probability and Statistics Algebra 2 C Chapter 12 Probability and Statistics Section 3 Probability fraction Probability is the ratio that measures the chances of the event occurring For example a coin toss only has 2 equally likely

More information

Project Maths. Mathematics Resources for Students. Junior Certificate Strand 1. Statistics and Probability

Project Maths. Mathematics Resources for Students. Junior Certificate Strand 1. Statistics and Probability Project Maths Mathematics Resources for Students Junior Certificate Strand 1 Statistics and Probability NCCA 2009 PROJECT MATHS - Mathematics Resources for Students Introduction This material is designed

More information

Standard 12: The student will explain and evaluate the financial impact and consequences of gambling.

Standard 12: The student will explain and evaluate the financial impact and consequences of gambling. TEACHER GUIDE 12.1 GAMBLING PAGE 1 Standard 12: The student will explain and evaluate the financial impact and consequences of gambling. Risky Business Priority Academic Student Skills Personal Financial

More information

AP Stats - Probability Review

AP Stats - Probability Review AP Stats - Probability Review Multiple Choice Identify the choice that best completes the statement or answers the question. 1. I toss a penny and observe whether it lands heads up or tails up. Suppose

More information

The sample space for a pair of die rolls is the set. The sample space for a random number between 0 and 1 is the interval [0, 1].

The sample space for a pair of die rolls is the set. The sample space for a random number between 0 and 1 is the interval [0, 1]. Probability Theory Probability Spaces and Events Consider a random experiment with several possible outcomes. For example, we might roll a pair of dice, flip a coin three times, or choose a random real

More information

Teaching & Learning Plans. Plan 1: Introduction to Probability. Junior Certificate Syllabus Leaving Certificate Syllabus

Teaching & Learning Plans. Plan 1: Introduction to Probability. Junior Certificate Syllabus Leaving Certificate Syllabus Teaching & Learning Plans Plan 1: Introduction to Probability Junior Certificate Syllabus Leaving Certificate Syllabus The Teaching & Learning Plans are structured as follows: Aims outline what the lesson,

More information

A Few Basics of Probability

A Few Basics of Probability A Few Basics of Probability Philosophy 57 Spring, 2004 1 Introduction This handout distinguishes between inductive and deductive logic, and then introduces probability, a concept essential to the study

More information

The Binomial Probability Distribution

The Binomial Probability Distribution The Binomial Probability Distribution MATH 130, Elements of Statistics I J. Robert Buchanan Department of Mathematics Fall 2015 Objectives After this lesson we will be able to: determine whether a probability

More information

The Importance of Statistics Education

The Importance of Statistics Education The Importance of Statistics Education Professor Jessica Utts Department of Statistics University of California, Irvine http://www.ics.uci.edu/~jutts jutts@uci.edu Outline of Talk What is Statistics? Four

More information

Bayesian Tutorial (Sheet Updated 20 March)

Bayesian Tutorial (Sheet Updated 20 March) Bayesian Tutorial (Sheet Updated 20 March) Practice Questions (for discussing in Class) Week starting 21 March 2016 1. What is the probability that the total of two dice will be greater than 8, given that

More information

Statistics and Random Variables. Math 425 Introduction to Probability Lecture 14. Finite valued Random Variables. Expectation defined

Statistics and Random Variables. Math 425 Introduction to Probability Lecture 14. Finite valued Random Variables. Expectation defined Expectation Statistics and Random Variables Math 425 Introduction to Probability Lecture 4 Kenneth Harris kaharri@umich.edu Department of Mathematics University of Michigan February 9, 2009 When a large

More information

Chapter 6: Probability

Chapter 6: Probability Chapter 6: Probability In a more mathematically oriented statistics course, you would spend a lot of time talking about colored balls in urns. We will skip over such detailed examinations of probability,

More information

Ch5: Discrete Probability Distributions Section 5-1: Probability Distribution

Ch5: Discrete Probability Distributions Section 5-1: Probability Distribution Recall: Ch5: Discrete Probability Distributions Section 5-1: Probability Distribution A variable is a characteristic or attribute that can assume different values. o Various letters of the alphabet (e.g.

More information

Conditional Probability, Hypothesis Testing, and the Monty Hall Problem

Conditional Probability, Hypothesis Testing, and the Monty Hall Problem Conditional Probability, Hypothesis Testing, and the Monty Hall Problem Ernie Croot September 17, 2008 On more than one occasion I have heard the comment Probability does not exist in the real world, and

More information

V. RANDOM VARIABLES, PROBABILITY DISTRIBUTIONS, EXPECTED VALUE

V. RANDOM VARIABLES, PROBABILITY DISTRIBUTIONS, EXPECTED VALUE V. RANDOM VARIABLES, PROBABILITY DISTRIBUTIONS, EXPETED VALUE A game of chance featured at an amusement park is played as follows: You pay $ to play. A penny and a nickel are flipped. You win $ if either

More information

That s Not Fair! ASSESSMENT #HSMA20. Benchmark Grades: 9-12

That s Not Fair! ASSESSMENT #HSMA20. Benchmark Grades: 9-12 That s Not Fair! ASSESSMENT # Benchmark Grades: 9-12 Summary: Students consider the difference between fair and unfair games, using probability to analyze games. The probability will be used to find ways

More information

STAT 35A HW2 Solutions

STAT 35A HW2 Solutions STAT 35A HW2 Solutions http://www.stat.ucla.edu/~dinov/courses_students.dir/09/spring/stat35.dir 1. A computer consulting firm presently has bids out on three projects. Let A i = { awarded project i },

More information

Stat 20: Intro to Probability and Statistics

Stat 20: Intro to Probability and Statistics Stat 20: Intro to Probability and Statistics Lecture 16: More Box Models Tessa L. Childers-Day UC Berkeley 22 July 2014 By the end of this lecture... You will be able to: Determine what we expect the sum

More information

Intro to Simulation (using Excel)

Intro to Simulation (using Excel) Intro to Simulation (using Excel) DSC340 Mike Pangburn Generating random numbers in Excel Excel has a RAND() function for generating random numbers The numbers are really coming from a formula and hence

More information

7.S.8 Interpret data to provide the basis for predictions and to establish

7.S.8 Interpret data to provide the basis for predictions and to establish 7 th Grade Probability Unit 7.S.8 Interpret data to provide the basis for predictions and to establish experimental probabilities. 7.S.10 Predict the outcome of experiment 7.S.11 Design and conduct an

More information

Lecture 13. Understanding Probability and Long-Term Expectations

Lecture 13. Understanding Probability and Long-Term Expectations Lecture 13 Understanding Probability and Long-Term Expectations Thinking Challenge What s the probability of getting a head on the toss of a single fair coin? Use a scale from 0 (no way) to 1 (sure thing).

More information

People have thought about, and defined, probability in different ways. important to note the consequences of the definition:

People have thought about, and defined, probability in different ways. important to note the consequences of the definition: PROBABILITY AND LIKELIHOOD, A BRIEF INTRODUCTION IN SUPPORT OF A COURSE ON MOLECULAR EVOLUTION (BIOL 3046) Probability The subject of PROBABILITY is a branch of mathematics dedicated to building models

More information

Unit 19: Probability Models

Unit 19: Probability Models Unit 19: Probability Models Summary of Video Probability is the language of uncertainty. Using statistics, we can better predict the outcomes of random phenomena over the long term from the very complex,

More information

Math 728 Lesson Plan

Math 728 Lesson Plan Math 728 Lesson Plan Tatsiana Maskalevich January 27, 2011 Topic: Probability involving sampling without replacement and dependent trials. Grade Level: 8-12 Objective: Compute the probability of winning

More information

Mind on Statistics. Chapter 8

Mind on Statistics. Chapter 8 Mind on Statistics Chapter 8 Sections 8.1-8.2 Questions 1 to 4: For each situation, decide if the random variable described is a discrete random variable or a continuous random variable. 1. Random variable

More information

The Math. P (x) = 5! = 1 2 3 4 5 = 120.

The Math. P (x) = 5! = 1 2 3 4 5 = 120. The Math Suppose there are n experiments, and the probability that someone gets the right answer on any given experiment is p. So in the first example above, n = 5 and p = 0.2. Let X be the number of correct

More information

Is it possible to beat the lottery system?

Is it possible to beat the lottery system? Is it possible to beat the lottery system? Michael Lydeamore The University of Adelaide Postgraduate Seminar, 2014 The story One day, while sitting at home (working hard)... The story Michael Lydeamore

More information

Chapter 4 Lecture Notes

Chapter 4 Lecture Notes Chapter 4 Lecture Notes Random Variables October 27, 2015 1 Section 4.1 Random Variables A random variable is typically a real-valued function defined on the sample space of some experiment. For instance,

More information

Because the slope is, a slope of 5 would mean that for every 1cm increase in diameter, the circumference would increase by 5cm.

Because the slope is, a slope of 5 would mean that for every 1cm increase in diameter, the circumference would increase by 5cm. Measurement Lab You will be graphing circumference (cm) vs. diameter (cm) for several different circular objects, and finding the slope of the line of best fit using the CapStone program. Write out or

More information

COMMON CORE STATE STANDARDS FOR

COMMON CORE STATE STANDARDS FOR COMMON CORE STATE STANDARDS FOR Mathematics (CCSSM) High School Statistics and Probability Mathematics High School Statistics and Probability Decisions or predictions are often based on data numbers in

More information

Chapter 7 Probability. Example of a random circumstance. Random Circumstance. What does probability mean?? Goals in this chapter

Chapter 7 Probability. Example of a random circumstance. Random Circumstance. What does probability mean?? Goals in this chapter Homework (due Wed, Oct 27) Chapter 7: #17, 27, 28 Announcements: Midterm exams keys on web. (For a few hours the answer to MC#1 was incorrect on Version A.) No grade disputes now. Will have a chance to

More information

6.042/18.062J Mathematics for Computer Science. Expected Value I

6.042/18.062J Mathematics for Computer Science. Expected Value I 6.42/8.62J Mathematics for Computer Science Srini Devadas and Eric Lehman May 3, 25 Lecture otes Expected Value I The expectation or expected value of a random variable is a single number that tells you

More information

Probability --QUESTIONS-- Principles of Math 12 - Probability Practice Exam 1 www.math12.com

Probability --QUESTIONS-- Principles of Math 12 - Probability Practice Exam 1 www.math12.com Probability --QUESTIONS-- Principles of Math - Probability Practice Exam www.math.com Principles of Math : Probability Practice Exam Use this sheet to record your answers:... 4... 4... 4.. 6. 4.. 6. 7..

More information

Financial Literacy Meeting Ideas Daisy Financial Literacy Games and Activities

Financial Literacy Meeting Ideas Daisy Financial Literacy Games and Activities Financial Literacy Meeting Ideas Daisy Financial Literacy Games and Activities Fulfills Money Counts steps 1, 2, 3: Money Money You need: Place Value Boards (one for each girl), bags of copied money (one

More information

Week 5: Expected value and Betting systems

Week 5: Expected value and Betting systems Week 5: Expected value and Betting systems Random variable A random variable represents a measurement in a random experiment. We usually denote random variable with capital letter X, Y,. If S is the sample

More information

How To Increase Your Odds Of Winning Scratch-Off Lottery Tickets!

How To Increase Your Odds Of Winning Scratch-Off Lottery Tickets! How To Increase Your Odds Of Winning Scratch-Off Lottery Tickets! Disclaimer: All of the information inside this report reflects my own personal opinion and my own personal experiences. I am in NO way

More information

Math Games For Skills and Concepts

Math Games For Skills and Concepts Math Games p.1 Math Games For Skills and Concepts Original material 2001-2006, John Golden, GVSU permission granted for educational use Other material copyright: Investigations in Number, Data and Space,

More information

Betting systems: how not to lose your money gambling

Betting systems: how not to lose your money gambling Betting systems: how not to lose your money gambling G. Berkolaiko Department of Mathematics Texas A&M University 28 April 2007 / Mini Fair, Math Awareness Month 2007 Gambling and Games of Chance Simple

More information

Discrete Mathematics and Probability Theory Fall 2009 Satish Rao, David Tse Note 10

Discrete Mathematics and Probability Theory Fall 2009 Satish Rao, David Tse Note 10 CS 70 Discrete Mathematics and Probability Theory Fall 2009 Satish Rao, David Tse Note 10 Introduction to Discrete Probability Probability theory has its origins in gambling analyzing card games, dice,

More information

Introduction to Hypothesis Testing

Introduction to Hypothesis Testing I. Terms, Concepts. Introduction to Hypothesis Testing A. In general, we do not know the true value of population parameters - they must be estimated. However, we do have hypotheses about what the true

More information

Chapter 9 Monté Carlo Simulation

Chapter 9 Monté Carlo Simulation MGS 3100 Business Analysis Chapter 9 Monté Carlo What Is? A model/process used to duplicate or mimic the real system Types of Models Physical simulation Computer simulation When to Use (Computer) Models?

More information

6 Scalar, Stochastic, Discrete Dynamic Systems

6 Scalar, Stochastic, Discrete Dynamic Systems 47 6 Scalar, Stochastic, Discrete Dynamic Systems Consider modeling a population of sand-hill cranes in year n by the first-order, deterministic recurrence equation y(n + 1) = Ry(n) where R = 1 + r = 1

More information

Concepts of Probability

Concepts of Probability Concepts of Probability Trial question: we are given a die. How can we determine the probability that any given throw results in a six? Try doing many tosses: Plot cumulative proportion of sixes Also look

More information

MONEY MANAGEMENT. Guy Bower delves into a topic every trader should endeavour to master - money management.

MONEY MANAGEMENT. Guy Bower delves into a topic every trader should endeavour to master - money management. MONEY MANAGEMENT Guy Bower delves into a topic every trader should endeavour to master - money management. Many of us have read Jack Schwager s Market Wizards books at least once. As you may recall it

More information

$2 4 40 + ( $1) = 40

$2 4 40 + ( $1) = 40 THE EXPECTED VALUE FOR THE SUM OF THE DRAWS In the game of Keno there are 80 balls, numbered 1 through 80. On each play, the casino chooses 20 balls at random without replacement. Suppose you bet on the

More information

Solutions: Problems for Chapter 3. Solutions: Problems for Chapter 3

Solutions: Problems for Chapter 3. Solutions: Problems for Chapter 3 Problem A: You are dealt five cards from a standard deck. Are you more likely to be dealt two pairs or three of a kind? experiment: choose 5 cards at random from a standard deck Ω = {5-combinations of

More information

Expected Value and the Game of Craps

Expected Value and the Game of Craps Expected Value and the Game of Craps Blake Thornton Craps is a gambling game found in most casinos based on rolling two six sided dice. Most players who walk into a casino and try to play craps for the

More information

Binomial random variables

Binomial random variables Binomial and Poisson Random Variables Solutions STAT-UB.0103 Statistics for Business Control and Regression Models Binomial random variables 1. A certain coin has a 5% of landing heads, and a 75% chance

More information

Business and Economics Applications

Business and Economics Applications Business and Economics Applications Most of the word problems you do in math classes are not actually related to real life. Textbooks try to pretend they are by using real life data, but they do not use

More information

3.2 Roulette and Markov Chains

3.2 Roulette and Markov Chains 238 CHAPTER 3. DISCRETE DYNAMICAL SYSTEMS WITH MANY VARIABLES 3.2 Roulette and Markov Chains In this section we will be discussing an application of systems of recursion equations called Markov Chains.

More information

Decision Making Under Uncertainty. Professor Peter Cramton Economics 300

Decision Making Under Uncertainty. Professor Peter Cramton Economics 300 Decision Making Under Uncertainty Professor Peter Cramton Economics 300 Uncertainty Consumers and firms are usually uncertain about the payoffs from their choices Example 1: A farmer chooses to cultivate

More information

Probabilistic Strategies: Solutions

Probabilistic Strategies: Solutions Probability Victor Xu Probabilistic Strategies: Solutions Western PA ARML Practice April 3, 2016 1 Problems 1. You roll two 6-sided dice. What s the probability of rolling at least one 6? There is a 1

More information

National Championships 2016. Konami Digital Entertainment B.V. (KDE) Yu-Gi-Oh! TRADING CARD GAME 2016 WCQ National Championship FAQ.

National Championships 2016. Konami Digital Entertainment B.V. (KDE) Yu-Gi-Oh! TRADING CARD GAME 2016 WCQ National Championship FAQ. National Championships 2016 Konami Digital Entertainment B.V. (KDE) Yu-Gi-Oh! TRADING CARD GAME 2016 WCQ National Championship FAQ Page 1 Basic Information 4 What are National Championships? 4 Where and

More information

Colored Hats and Logic Puzzles

Colored Hats and Logic Puzzles Colored Hats and Logic Puzzles Alex Zorn January 21, 2013 1 Introduction In this talk we ll discuss a collection of logic puzzles/games in which a number of people are given colored hats, and they try

More information

PART 3 MODULE 3 CLASSICAL PROBABILITY, STATISTICAL PROBABILITY, ODDS

PART 3 MODULE 3 CLASSICAL PROBABILITY, STATISTICAL PROBABILITY, ODDS PART 3 MODULE 3 CLASSICAL PROBABILITY, STATISTICAL PROBABILITY, ODDS PROBABILITY Classical or theoretical definitions: Let S be the set of all equally likely outcomes to a random experiment. (S is called

More information

The overall size of these chance errors is measured by their RMS HALF THE NUMBER OF TOSSES NUMBER OF HEADS MINUS 0 400 800 1200 1600 NUMBER OF TOSSES

The overall size of these chance errors is measured by their RMS HALF THE NUMBER OF TOSSES NUMBER OF HEADS MINUS 0 400 800 1200 1600 NUMBER OF TOSSES INTRODUCTION TO CHANCE VARIABILITY WHAT DOES THE LAW OF AVERAGES SAY? 4 coins were tossed 1600 times each, and the chance error number of heads half the number of tosses was plotted against the number

More information

Ready, Set, Go! Math Games for Serious Minds

Ready, Set, Go! Math Games for Serious Minds Math Games with Cards and Dice presented at NAGC November, 2013 Ready, Set, Go! Math Games for Serious Minds Rande McCreight Lincoln Public Schools Lincoln, Nebraska Math Games with Cards Close to 20 -

More information

Math/Stats 425 Introduction to Probability. 1. Uncertainty and the axioms of probability

Math/Stats 425 Introduction to Probability. 1. Uncertainty and the axioms of probability Math/Stats 425 Introduction to Probability 1. Uncertainty and the axioms of probability Processes in the real world are random if outcomes cannot be predicted with certainty. Example: coin tossing, stock

More information

You flip a fair coin four times, what is the probability that you obtain three heads.

You flip a fair coin four times, what is the probability that you obtain three heads. Handout 4: Binomial Distribution Reading Assignment: Chapter 5 In the previous handout, we looked at continuous random variables and calculating probabilities and percentiles for those type of variables.

More information

Law of Large Numbers. Alexandra Barbato and Craig O Connell. Honors 391A Mathematical Gems Jenia Tevelev

Law of Large Numbers. Alexandra Barbato and Craig O Connell. Honors 391A Mathematical Gems Jenia Tevelev Law of Large Numbers Alexandra Barbato and Craig O Connell Honors 391A Mathematical Gems Jenia Tevelev Jacob Bernoulli Life of Jacob Bernoulli Born into a family of important citizens in Basel, Switzerland

More information

Likelihood: Frequentist vs Bayesian Reasoning

Likelihood: Frequentist vs Bayesian Reasoning "PRINCIPLES OF PHYLOGENETICS: ECOLOGY AND EVOLUTION" Integrative Biology 200B University of California, Berkeley Spring 2009 N Hallinan Likelihood: Frequentist vs Bayesian Reasoning Stochastic odels and

More information

Statistics E100 Fall 2013 Practice Midterm I - A Solutions

Statistics E100 Fall 2013 Practice Midterm I - A Solutions STATISTICS E100 FALL 2013 PRACTICE MIDTERM I - A SOLUTIONS PAGE 1 OF 5 Statistics E100 Fall 2013 Practice Midterm I - A Solutions 1. (16 points total) Below is the histogram for the number of medals won

More information

36 Odds, Expected Value, and Conditional Probability

36 Odds, Expected Value, and Conditional Probability 36 Odds, Expected Value, and Conditional Probability What s the difference between probabilities and odds? To answer this question, let s consider a game that involves rolling a die. If one gets the face

More information

Binomial random variables (Review)

Binomial random variables (Review) Poisson / Empirical Rule Approximations / Hypergeometric Solutions STAT-UB.3 Statistics for Business Control and Regression Models Binomial random variables (Review. Suppose that you are rolling a die

More information

Worksheet for Teaching Module Probability (Lesson 1)

Worksheet for Teaching Module Probability (Lesson 1) Worksheet for Teaching Module Probability (Lesson 1) Topic: Basic Concepts and Definitions Equipment needed for each student 1 computer with internet connection Introduction In the regular lectures in

More information

Chapter 4. Probability and Probability Distributions

Chapter 4. Probability and Probability Distributions Chapter 4. robability and robability Distributions Importance of Knowing robability To know whether a sample is not identical to the population from which it was selected, it is necessary to assess the

More information

Think about things that are green. List five different things that are green and use each of these words in a sentence.

Think about things that are green. List five different things that are green and use each of these words in a sentence. Think about things that are green. List five different things that are green and use each of these words in a sentence. Money is a tool that can be used to buy things that we need to survive. What are

More information

Math 1526 Consumer and Producer Surplus

Math 1526 Consumer and Producer Surplus Math 156 Consumer and Producer Surplus Scenario: In the grocery store, I find that two-liter sodas are on sale for 89. This is good news for me, because I was prepared to pay $1.9 for them. The store manager

More information

Lecture 19: Chapter 8, Section 1 Sampling Distributions: Proportions

Lecture 19: Chapter 8, Section 1 Sampling Distributions: Proportions Lecture 19: Chapter 8, Section 1 Sampling Distributions: Proportions Typical Inference Problem Definition of Sampling Distribution 3 Approaches to Understanding Sampling Dist. Applying 68-95-99.7 Rule

More information

Chapter 4. Probability Distributions

Chapter 4. Probability Distributions Chapter 4 Probability Distributions Lesson 4-1/4-2 Random Variable Probability Distributions This chapter will deal the construction of probability distribution. By combining the methods of descriptive

More information

How to Generate 100 Cloud Leads in a Month. www.cognoscape.com

How to Generate 100 Cloud Leads in a Month. www.cognoscape.com How to Generate 100 Cloud Leads in a Month www.cognoscape.com How to Generate 100 Cloud Leads in a Month Are you ready to grow your cloud leads and expand your client base? Here s a strategy for generating

More information

This document contains Chapter 2: Statistics, Data Analysis, and Probability strand from the 2008 California High School Exit Examination (CAHSEE):

This document contains Chapter 2: Statistics, Data Analysis, and Probability strand from the 2008 California High School Exit Examination (CAHSEE): This document contains Chapter 2:, Data Analysis, and strand from the 28 California High School Exit Examination (CAHSEE): Mathematics Study Guide published by the California Department of Education. The

More information

How To Choose Between A Goat And A Door In A Game Of \"The Black Jackpot\"

How To Choose Between A Goat And A Door In A Game Of \The Black Jackpot\ Appendix D: The Monty Hall Controversy Appendix D: The Monty Hall Controversy - Page 1 Let's Make a Deal Prepared by Rich Williams, Spring 1991 Last Modified Fall, 2004 You are playing Let's Make a Deal

More information