{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

101 Ch. 11

# 101 Ch. 11 - Example – Flipping a Coin • Each flip of...

This preview shows pages 1–8. Sign up to view the full content.

Chapter 11 Understanding Randomness

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
What is Randomness? Some things that are random: Rolling dice Shuffling cards Lotteries Bingo Flipping a coin
What is Randomness? Why are they random? Nobody is able to guess the outcome All underlying outcomes are equally likely BUT, a regular pattern emerges over time Ex. When flipping a coin, you will expect to get Heads about 50% of the time.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Example- Flipping a Coin Flip your penny 10 times and record how many Heads you get.
Example- Flipping a Coin What happened? Not everyone got 50% Heads. Some people got more that 50%. Some people got less than 50%. The number of Heads changed for every sample taken. Just because you flipped a Head one time did not insure that you would flip a Tail the next time.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Example – Flipping a Coin • Each flip of the coin is random, therefore, the sample of 10 flips is random. • If we were to study the number of Heads, we would see that the probability of getting a Head approaches what we expect. – As the number of flips increases, the percentage gets closer and closer to 50%. Producing Random Samples • There are many ways to produce random samples – Picking numbers out of a hat – Random Number Tables (Appendix) – Random Number Generator on calculators – Random Number Generator on computers Random Number Table • Ex. We have 30 firms in the population and we need a sample of 5. 69051 64817 87174 09517 84534 06489 87201 69 05 16 48 17 87 17 40 95 17 85 53 06 48 98 72 01...
View Full Document

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern