Regular Statistics - Term 3 Project
DUE FRI BY 2:15 PM - NO LATER
SUBMIT USING GOOGLE CLASSROOMS
DO INDIVIDUALLY ONLY - NO GROUP PROJECTS
1. Read the following New York Times Article:
http://www.nytimes.com/newsgraphics/2013/11/28/fourth-downs/post.html
OR READ
http://archive.boston.com/news/local/massachusetts/articles/2011/07/31/a_lottery_game_with_a_windfall_for_a_knowing_few/
Write a 1 paragraph reflection on how the NYT article relates to what we have been doing in class? (2 points)
2. Create your own casino game! You have been assigned by a casino to create a new and exciting game that will bring in money for the casino! The game can involve rolling dice, drawing cards from a card deck, or some other random event. Individuals must pay a certain amount to play 1 game. For this game, the random variable of interest is the AMOUNT OF NET GAIN FOR THE PLAYER. For example, if I pay 3 dollars to play a game and I win 4 dollars, my net gain is 1 dollar. If I pay 1$ and I play a game and win nothing, my net gain is -1 dollars. Your game must have at least 3 different net gains for the player.
A) Explain the rules of the game.(2 POINTS)
B) Construct a probability distribution where the random variable is the AMOUNT OF NET GAIN FOR THE PLAYER. Your game must be based on actual probabilities, for example, lets say you win 10 dollars if you roll a 2 and draw a random card and it is a heart, the probability is (1/6)*(1/4) or 1/24th. Make sure to show probability calculations in combination with your table. Also, make sure to show that your table is a legitimate probability distribution (i.e. make sure the sum of the probabilities equal 1). (4 POINTS)
C) Calculate the mean net gain for the player. NOTE: THE NET GAIN FOR THE PLAYER SHOULD BE NEGATIVE. (2 POINTS)
D) Calculate the standard deviation of the game. (2 POINTS)
http://www.nytimes.com/newsgraphics/2013/11/28/fourth-downs/post.html
OR READ
http://archive.boston.com/news/local/massachusetts/articles/2011/07/31/a_lottery_game_with_a_windfall_for_a_knowing_few/
Write a 1 paragraph reflection on how the NYT article relates to what we have been doing in class? (2 points)
2. Create your own casino game! You have been assigned by a casino to create a new and exciting game that will bring in money for the casino! The game can involve rolling dice, drawing cards from a card deck, or some other random event. Individuals must pay a certain amount to play 1 game. For this game, the random variable of interest is the AMOUNT OF NET GAIN FOR THE PLAYER. For example, if I pay 3 dollars to play a game and I win 4 dollars, my net gain is 1 dollar. If I pay 1$ and I play a game and win nothing, my net gain is -1 dollars. Your game must have at least 3 different net gains for the player.
A) Explain the rules of the game.(2 POINTS)
B) Construct a probability distribution where the random variable is the AMOUNT OF NET GAIN FOR THE PLAYER. Your game must be based on actual probabilities, for example, lets say you win 10 dollars if you roll a 2 and draw a random card and it is a heart, the probability is (1/6)*(1/4) or 1/24th. Make sure to show probability calculations in combination with your table. Also, make sure to show that your table is a legitimate probability distribution (i.e. make sure the sum of the probabilities equal 1). (4 POINTS)
C) Calculate the mean net gain for the player. NOTE: THE NET GAIN FOR THE PLAYER SHOULD BE NEGATIVE. (2 POINTS)
D) Calculate the standard deviation of the game. (2 POINTS)