Calculate Pr(d) for d = 1, 2, . , 9, check that the sum of all probabilities is one, and graph the probability mass function in Excel. Finally, (a) what is the expected value of the leading digit and (b) what is the median value?

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4. Read the attached article about Benford's Law from the Economist. The graph in the
upper left corner is diffult to read but not important for this problem. The Economist
article does not tell us exactly how the probabilities in Benford's law are calculated. Here
is how that is done. The probability of digit d occurring is
Pr(d) =log1
where d = 1, 2, .. , 9.
....
Calculate Pr(d) for d= 1, 2, . , 9, check that the sum of all probabilities is one, and graph
the probability mass function in Excel. Finally,
(a) what is the expected value of the leading digit and
(b) what is the median value?
Transcribed Image Text:4. Read the attached article about Benford's Law from the Economist. The graph in the upper left corner is diffult to read but not important for this problem. The Economist article does not tell us exactly how the probabilities in Benford's law are calculated. Here is how that is done. The probability of digit d occurring is Pr(d) =log1 where d = 1, 2, .. , 9. .... Calculate Pr(d) for d= 1, 2, . , 9, check that the sum of all probabilities is one, and graph the probability mass function in Excel. Finally, (a) what is the expected value of the leading digit and (b) what is the median value?
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