AP Statistics, Section 7.2, Part 1 2

 The Michigan Daily Game you pick a 3 digit number and win $500 if your number matches the number drawn. AP Statistics, Section 7.2, Part 1 3  What is the average winnings?  1 st we need to know, For a 3 digit number how many ways can you win?  10 X 10 X 10 = 1000 combinations of 3 digit #s  so, 1/1000 or.001 chance of winning Is this a fair game?

 The Michigan Daily Game you pick a 3 digit number and win $500 if your number matches the number drawn. If it cost $1.00 to play.  What is the average PROFIT? -.50 Mean = Expected Value AP Statistics, Section 7.2, Part 1 4

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 The Michigan Daily Game you pick a 3 digit number and win $500 if your number matches the number drawn.  What is the average winnings? AP Statistics, Section 7.2, Part 1 6 Standard dev. / Variance is how much difference there is in the measurements.

 Draw independent observations at random from any population with finite mean μ.  Decide how accurately you would like to estimate μ.  As the number of observations drawn increases, the mean x-bar of the observed values eventually approaches the mean μ of the population as closely as you specified and then stays that close. AP Statistics, Section 7.2, Part 1 7

 The distribution of the heights of all young women is close to the normal distribution with mean 64.5 inches and standard deviation 2.5 inches.  What happens if you make larger and larger samples… AP Statistics, Section 7.2, Part 1 8

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 Most people incorrectly believe in the law of small numbers.  “Runs” of numbers, etc. AP Statistics, Section 7.2, Part 1 10

 Exercises: odd x21 AP Statistics, Section 7.2, Part 1 11