1-26-09 - Economics Statistics Class Notes 1/26/09 EXAMPLE:...

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Economics Statistics – Class Notes – 1/26/09 EXAMPLE : Dice Toss QUESTION: If we toss 2 six-sided dice, how many possible outcomes are there? Answer: 36 (6*6) . Question: If I had one 5 sided die and one 6 sided die, the total number of outcomes is what? Answer: 30 ( 5*6) . Distinct values of # of outcomes associated with each toss (sum the values on the dice) Probability 2 1 (1,1) ** There is only way way to get a summed value of “2” (toss two dice, and get a 1 on each die) 1/36 3 2 (2,1) and (1,2) 2/36 4 3 (3,2) (3,1) (1,3) 3/36 5 4 4/26 6 5 5/36 7 6 6/36 8 5 5/36 9 4 4/36 10 3 3/36 11 2 2/36 12 1 1/36 ∑ = 36 ∑ = 1 This distribution is symmetrical, so we can pick the mean right off the bat (6/36) This data could be transformed into a probability distribution, specifically, a histogram.
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CHECK THIS: For the exam, which equation do you use for the mean? o If you have consecutive values, you use the expected value of the mean (equation).
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This note was uploaded on 06/03/2009 for the course ECON 203 taught by Professor Casler during the Spring '09 term at Allegheny.

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1-26-09 - Economics Statistics Class Notes 1/26/09 EXAMPLE:...

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