Elementary Statistics and Inference. Elementary Statistics and Inference. 16 The Law of Averages (cont.) 22S:025 or 7P:025.


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1 Elementary Statistics and Inference 22S:025 or 7P:025 Lecture 20 1 Elementary Statistics and Inference 22S:025 or 7P:025 Chapter 16 (cont.) 2 D. Making a Box Model Key Questions regarding box What numbers go into making the box? How many of each kind of number? How many draws taken from the box? 3 1
2 Authors illustrate the Box Model with a Roulette Wheel used in gambling casino. 4 Facts About Roulette Wheel 38 pockets where ball can land 0, 00, and 00 are green in color 18 red, 18 black numbered pockets If you bet $1.00 on red, and a red number is where the ball stops you win $1.00 plus your original dollar otherwise you lose your dollar R 18 B 2 G Chance of red is 18/38 =.47. Chance of nonred is 20/38 =.53. The advantage is with the casino. Play the game 10 times and bet on red each time, what would be expected gain? 6 2
3 Note: This is like 10 draws from a box made with replacement from the box with 38 tickets. 18 +$ $1.00 Outcome: R R R B G R R B B R WinLoss: Net Gain: In the next chapter we will discuss what would be expected gain if you kept playing the game. 7 See Example 1 page 283 Bet on a single number win gain $35 which gamblers say is odds of winning are 35 to 1. Suppose you play game 100 times and bet $1.00 on a single number (say 17) each time box model Expected gain after 100 plays: = = $.0526 / Exercise Set C (pp ) #1, 2, 3 ( ) play 8 9 3
4 10 2. A gambler plays roulette 25 times, putting a dollar on a split each time (i.e., on line between 11 and 12 so he wins if either an 11 or 12 pocket receives the ball). If he wins he gets $17.00 plus the $1.00 he bet P( win) = P( lose) = His Net gain is like sum of draws from one of the boxes below. Which one? (i.) unique tickets (ii.) (iii.)
5 3. In one version of chuckabuck, 3 dice are rolled out of a cage (total of 216 ways dice can show). You can bet that all 3 show a given number, like 6. The casino pays 36 to 1, the better has 1 chance in 216 to win. You play 10 times, betting $1.00 each time. The net gain is like the sum of 10 draws made at random with replacement from the box: In a single play net gain would be P( W ) = ( 215) + = $ E. Review Exercises pp A gambler loses ten times running at roulette. He decides to continue playing because he is due for a win, by the law of averages. A bystander advises him to quit, on the grounds that his luck is cold. Who is right? Or are both of them wrong? Quit expect to lose $.05 on each play (a) A die will be rolled some number of times, and you win $1 if it shows an ace more than 20% of the time. Which is better: 60 rolls, or 600 rolls? Explain. (b) As in (a), but you win the dollar if the percentage of aces is more than 15%. (c) As in (a), but you win the dollar if the percentage of aces is between 15% and 20%. (d) As in (a), but you win the dollar if the percentage of aces is exactly 16 2/3%. 15 5
6 7. A quiz has 25 multiple choice questions. Each question has 5 possible answers, one of which is correct. A correct answer is worth 4 points, but a point is taken off for each incorrect answer. A student answers all the questions by guessing at random. The score will be like the sum of draws from the box. Fill in the blank with a number and the second with a box of tickets. Explain your answers A gambler will play roulette 50 times, betting a dollar on four joining numbers each time (like 23, 24, 26, 27 in figure 3, p. 282). If one of these four numbers comes up, she gets the dollar back, together with winnings of $8. If any other number comes up, she loses the dollar. So this bet pays 8 to 1, and there are 4 chances in 38 of winning. Her net gain in 50 plays is like the sum of draws from the box. Fill in the blanks; explain Two hundred draws will be made at random with replacement from the box (a) If the sum of the 200 numbers drawn is 30, what is their average? (b) If the sum of the 200 numbers drawn is 20, what is their average? (c) In general, how can you figure the average of the 200 draws, if you are told their sum? (d) There are two alternatives: (i) Winning $1 if the sum of the 200 numbers drawn is between 5 and +5. (ii) Winning $1 if the average of the 200 numbers drawn is between and Which is better, or are they the same? Explain. 18 6
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