Loose Leaf for Statistical Techniques in Business and Economics
17th Edition
ISBN: 9781260152647
Author: Douglas A. Lind
Publisher: McGraw-Hill Education
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Chapter 3, Problem 82CE
a.
To determine
Find the mean for the variable winning time.
Find the
Find the mean for the variable payoff on a $2 bet.
Find the median for the variable payoff on a $2 bet.
b.
To determine
Find the
Find the standard deviation for the variable winning time.
Find the range for the variable payoff on a $2 bet.
Find the standard deviation for the variable payoff on a $2 bet.
c.
To determine
Mention the level of measurement for variable ‘winning margin’.
Mention measure of location appropriate for variable ‘winning margin’.
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A common way for two people to settle a frivolous dispute is to play a game of rock-paper-scissors. In this game, each person simultaneously displays a hand signal to indicate a rock, a piece of paper, or a pair of scissors. Rock beats scissors, scissors beats paper, and paper beats rock. If both players select the same hand signal, the game results in a tie.
Two roommates, roommate A and roommate B, are expecting company and are arguing over who should have to wash the dishes before the company arrives. Roommate A suggests a game of rock-paper-scissors to settle the dispute.
Consider the game of rock-paper-scissors to be an experiment. In the long run, roommate A chooses rock 21% of the time, and roommate B chooses rock 61% of the time; roommate A selects paper 39% of the time, and roommate B selects paper 21% of the time; roommate A chooses scissors 40% of the time, and roommate B chooses scissors 18% of the time. (These choices are made randomly and independently of each…
Chapter 3 Solutions
Loose Leaf for Statistical Techniques in Business and Economics
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