Reference no: EM131097997
The Law of Large Numbers is a statistical theory that you read about in this chapter. In your own words, what does this law say about the probability of an event? Perhaps you have also heard of something called the Law of Averages (also called the Gambler's Fallacy). Do an Internet search to find out additional information about both of these laws.
Are these the same laws? If not, how are they related and how are they different?
What general misconceptions do people have regarding these ideas?
Consider the following scenarios, commenting on the validity of the reasoning that is being used. After an unusually dry autumn, a radio announcer is heard to say, "Watch out! We'll pay for these sunny days later on this winter." A batter who had failed to get a hit in seven consecutive times at bat then hits a game-winning home run. When talking to reporters afterward, he says he was very confident that last time at bat because he knew he was "due for a hit."
Commercial airplanes have an excellent safety record. However, in the weeks following a crash, airlines often report a drop in the number if passengers, probably because people are afraid to risk flying. A travel agent suggests that, since the law of averages makes it highly unlikely to have two plane crashes within a few weeks of each other, flying soon after a crash is the safest time. In a Monte Carlo casino in 1913, the color black came up a record twenty-six times in succession in roulette. There was a near-panicky rush to bet on red, beginning about the time that black came up the fifteenth time. Why?
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Denominator of the standard error formula
: The quantity of the sample size has a significant influence on the standard error. Since n is the denominator of the standard error formula, as n increases, the standard error increases. The more data that you have, the more accurate you can be.
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Analyze how your thinking has changed
: Analyze how your thinking has changed with regard to ethical practice - Which ethical or professional situations did you encounter in which your original viewpoint changed?
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Evidence to support the shop claim
: A repair shop believes that people travel more than 3500 miles between oil changes. A random sample of 8 cars getting an oil change has a mean distance of 3375 miles since having an oil change with a standard deviation of 225 miles. At alpha = 0.0..
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What are the boundary conditions for this system
: E19: Numerical Methods for Engineering Applications Spring 2016 - HOMEWORK 12. Based upon the code, what are the boundary conditions for this system? What temperature are we assuming (either implicitly or explicitly) lies along the border of the pl..
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Commenting on the validity of the reasoning
: Consider the following scenarios, commenting on the validity of the reasoning that is being used. After an unusually dry autumn, a radio announcer is heard to say, "Watch out! We'll pay for these sunny days later on this winter." A batter who had ..
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Produce female puppies
: A geneticist conducts her survey and calculates hat p = 0.512. Which of the following is the most correct interpretation of this statistic? a) There is a 51.2% chance that a randomly selected gamete cell will have the male chromosome.
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Four model of relationship between religion and science
: Four Philosophy question that I need to be answered in paragraph style. I need them in 4 Hours
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Demands in excess of initial stock
: What is the expected shortfall at the end of the week? That is, what is the expected number of demands in excess of the initial stock?
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Formation of wood andmaintains cell walls
: Calciumis essential to tree growth because it promotes the formation of wood andmaintains cell walls. In 1990, the concentration of calcium in precipitation ina certain area was 0.15 milligrams per liter (mg/L). A random sample of 10precipitation ..
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