15 Sometimes the word odds is used when referring to risk. However, this word is not used in a consistent way, so it is important to pay close attention to what the person might mean. The mathematical definition of odds is illustrated by this example: If the odds that an event occurs are 3 to 5, then the probability the event occurs is 35, or. When outcomes are equally likely, the odds of an event are number of favorable outcomes to number of unfavorable outcomes. 3 Each statement below uses the word odds. For each, decide whether the person probably is using the word according to the mathematical definition or whether they mean something else. Justify your choice. a. The odds against winning on an American roulette wheel are 37 to 1. On an American roulette wheel, there are 38 spaces and you win if your ball falls into the one you had selected. b. An article in the Chronicle of Higher Education described the odds of getting an interview after submitting an application for a job as university professor as "somewhere in the neighborhood of one in 20 to one in 30." It then compared this to the odds of surviving the Hunger Games: one in 24. (In the original Hunger Games, there are two.contestants from each of twelve districts and only one winner.) (Source: chronicle.com/article/The-Odds-Are-Never-in-Your/144079/) c. President Obama once said that the odds of completing final treaties in the Middle East "are less than fifty-fifty." (Source: www.newyorker.com/reporting/2014/ 01/27/140127fa_fact_remnick) d. "Lotteries offer the worst odds in legal gambling-about 55 percent of what people pay for tickets is paid out in prizes. Yet we spend an average of $540 per household on lottery tickets every year... (Source: opinionator.blogs.nytimes.com/ 2014/01/15/playing-the-odds-on-saving/) e. The National Safety Council gives the "lifetime odds of death" by being bitten or struck by a dog as 1 in 122,216. It gives the odds of dying by any cause as 1 in 1. (Source: www.nsc.org/news_resources/injury_and_death statistics/Documents/ Injury Facts_43.pdf)
15 Sometimes the word odds is used when referring to risk. However, this word is not used in a consistent way, so it is important to pay close attention to what the person might mean. The mathematical definition of odds is illustrated by this example: If the odds that an event occurs are 3 to 5, then the probability the event occurs is 35, or. When outcomes are equally likely, the odds of an event are number of favorable outcomes to number of unfavorable outcomes. 3 Each statement below uses the word odds. For each, decide whether the person probably is using the word according to the mathematical definition or whether they mean something else. Justify your choice. a. The odds against winning on an American roulette wheel are 37 to 1. On an American roulette wheel, there are 38 spaces and you win if your ball falls into the one you had selected. b. An article in the Chronicle of Higher Education described the odds of getting an interview after submitting an application for a job as university professor as "somewhere in the neighborhood of one in 20 to one in 30." It then compared this to the odds of surviving the Hunger Games: one in 24. (In the original Hunger Games, there are two.contestants from each of twelve districts and only one winner.) (Source: chronicle.com/article/The-Odds-Are-Never-in-Your/144079/) c. President Obama once said that the odds of completing final treaties in the Middle East "are less than fifty-fifty." (Source: www.newyorker.com/reporting/2014/ 01/27/140127fa_fact_remnick) d. "Lotteries offer the worst odds in legal gambling-about 55 percent of what people pay for tickets is paid out in prizes. Yet we spend an average of $540 per household on lottery tickets every year... (Source: opinionator.blogs.nytimes.com/ 2014/01/15/playing-the-odds-on-saving/) e. The National Safety Council gives the "lifetime odds of death" by being bitten or struck by a dog as 1 in 122,216. It gives the odds of dying by any cause as 1 in 1. (Source: www.nsc.org/news_resources/injury_and_death statistics/Documents/ Injury Facts_43.pdf)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:15 Sometimes the word odds is used when referring to risk. However, this word
is not used in a consistent way, so it is important to pay close attention to what
the person might mean. The mathematical definition of odds is illustrated by
this example: If the odds that an event occurs are 3 to 5, then the probability the
event occurs is
3
$3+5' ог When outcomes are equally likely, the odds of an
event are number of favorable outcomes to number of unfavorable outcomes.
3+5' 8
Each statement below uses the word odds. For each, decide whether the
person probably is using the word according to the mathematical definition or
whether they mean something else. Justify your choice.
a. The odds against winning on an American roulette wheel are 37 to 1. On an
American roulette wheel, there are 38 spaces and you win if your ball falls
into the one you had selected.
b. An article in the Chronicle of Higher Education described the odds of getting
an interview after submitting an application for a job as university professor
as "somewhere in the neighborhood of one in 20 to one in 30." It then
compared this to the odds of surviving the Hunger Games: one in 24.
(In the original Hunger Games, there are two.contestants from each of
twelve districts and only one winner.)
(Source: chronicle.com/article/The-Odds-Are-Never-in-Your/144079/)
c. President Obama once said that the odds of completing final treaties in the
Middle East "are less than fifty-fifty." (Source: www.newyorker.com/reporting/2014/
01/27/140127fa_fact_remnick)
d. "Lotteries offer the worst odds in legal gambling-about 55 percent of what
people pay for tickets is paid out in prizes. Yet we spend an average of $540 per
household on lottery tickets every year..." (Source: opinionator.blogs.nytimes.com/
2014/01/15/playing-the-odds-on-saving/)
e. The National Safety Council gives the "lifetime odds of death" by being
bitten or struck by a dog as 1 in 122,216. It gives the odds of dying by any
cause as 1 in 1. (Source: www.nsc.org/news_resources/injury_and_death_statistics/Documents/
Injury Facts_43.pdf)
Expert Solution
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For a provided event, the odds of an event are mathematically derived as the ratio of the no. of favorable outcomes for the considered event to the no. of unfavorable outcomes for the considered event.
The stated claims are interpreted using the mathematical definition of "odds".
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