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

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Chapter 11 Understanding Randomness
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What is Randomness? Some things that are random: Rolling dice Shuffling cards Lotteries Bingo Flipping a coin
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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.
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Example- Flipping a Coin Flip your penny 10 times and record how many Heads you get.
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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.
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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...
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