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1. At the bottom left side of the applet, set n equal to 10 and then check the "animate' box. Now click on "Flip." Record the number of heads in 10 ?ips of a coin and the cumulative probability of a head based on the ten ?ips. (The cumulative probability is given at the top of the graph.) Is the number of heads what you expected in 10 ?ips?
2. Now uncheck the " animate box" and click on ?ip two more times. You should now have 30 ?ips of the coin. Record the number of heads in 30 ?ips and the cumulative probability of a head based on 30 ?ips. What is the longest string of consecutive heads or tails that you got in the 30 ?ips? Do you think that is unusual?
3. Now set n to 1000 and click on ?ip. This should give you 1030 ?ips of the coin. Record the number of heads and the cumulative probability of a head now.
4. Click on ?ip one more time so that you have 2030 ?ips. Record the number of heads and the cumulative probability of a head now.
5. "The Law of Large Numbers states that if an experiment with a random outcome is repeated a large number of times, the empirical probability of an event is likely to be close to the true probability. The larger the number of repetitions, the closer together these probabilities are likely to be" (Text, p. 224). Does the coin ?ipping process you just completed illustrate the Law of Large Numbers? Why or why not?
A Milwaukee television station, WITI-TV, conducted a telephone call-in survey asking whether viewers liked the new newspaper, the Journal Sentinel.
Discuss the differences between markets and central planning. Does this issue have anything to do with the demise of the Soviet Union? Explain.
Boehm Incorporated is expected to pay a $1.70 per share dividend at the end of this year (i.e., D1 = $1.70). The dividend is expected to grow at a constant rate of 4% a year.
Draw a two way ANOVA design plot (the mean plot you draw in class) to discuss whether there seems to be any interaction effects of gender and age.
Explain the notions of mathematical differences, managerially important differences, and statistical significance. Can results be statistically significant and yet lack managerial importance.
Write a one-page essay in which you explore insights into your own critical thinking process gained through this exercise. "Dimensions of Critical Thinking"
Entrepreneur Jones has a utility index of 5 for a loss of $1,000, and 12 for a profit of $3,000. He says that he is indifferent between $10 for certain and the following lottery:
A sample of the monthly amounts spent for food by families of four receiving food stamps approximates a symmetrical distribution. The sample mean is $150 and the standard deviation is $20.
Island Publishing Company publishes two types of magazines on a monthly basis: a restaurant and entertainment guide and a real estate guide.
India Corporation has $200,000 of joint processing costs and is studying whether to process J and K beyond the split-off point. Information about J and K follows.
Financial Engineering is the application of mathematics and computer programming skills to solve certain problems in finance drawing on tools of statistics, economics, computer science and applied mathematics.
Using the following project information: Calculate the probability that the project will be completed in 38 weeks.
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