A simplified model for the movement of the prize of a stock supposes that on each day the stock’s price either moves up 1 unit with probability p or it moves down 1 unit with probability 1-p. The changes on different days are assumed independent. Suppose we observe what happens to the price in three days. 1. Write down the sample space of this experiment. 2. What is the probability that after 2 days the stock will be at its original price?

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A: Concept: Here we need to employ the probability of independent event concept.  P(A∩B) = P(A)P(B)

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.