MATH309 Week4 Homework Assignment.docx

Value examples using the same format as the examples

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Value examples using the same format as the examples below in the resources, but use different values. (A) Develop your TWO Expected Value examples in Excel. Each example must have different data from the ones in the resources above, but they Expected Value Example #1: Developing a Probability Distribution from Empirical Data In real-world situations, statisticians obtain data by means of observation and experimental methods. Data obtained in this manner is called empirical data. A probability distribution obtained by means of observation and experimental methods is referred to  as an  empirical probability distribution  , or a relative frequency based on observation. Example: Let  be the number of movies a high school student watches in a given month.
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A survey conducted at one particular high school in the month of December gives by the following  table:        If we assume that the students at this high school are typical, and that December is a typical month,  then        The probability that a high school student will watch 1 movie per month is 17%; The probability that a high school student will watch 2 movies per month is 28%; etc. Use this empirical probability distribution to find the expected value for the number of movies a high  school student will watch in a month. Convert the percentages to decimals. 17% = 0.17 Use the weighted average formula. So, we can expect the average high school student to watch 2.95 movies per month. Expected Value Example #2:
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