Regular Statistics Term 2 Project
DUE TUESDAY - FEB 5TH BY 2:15 PM - NO LATER -
MAKE SURE YOUR NAME AND SECTION IS ON THE PROJECT!!!
PLEASE SUBMIT IN GOOGLE DOCS
WORTH 12 POINTS - MAY DO INDIVIDUALLY OR IN GROUP OF 2 ONLY (NOT 3!!)
1. Read the following New York Times Article:
http://www.nytimes.com/newsgraphics/2013/11/28/fourth-downs/post.html
Write a 1 paragraph reflection on how the NYT article relates to what we have previously learned in class? (Hint - Review Conditional Probability and Expected Value) (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
Write a 1 paragraph reflection on how the NYT article relates to what we have previously learned in class? (Hint - Review Conditional Probability and Expected Value) (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)