Introduction to Statistical Methods for the Life and Health Sciences
x | -$5 | $5 | $10 | $60 |
pr(X=x) | 0.579 | 0.347 | 0.069 | 0.005 |
- What are the values of E[X_bar] and SE[X_bar]?
- What is the approximate distribution of X_bar? What theorem was needed to decide this?
- Calculate the probability of, on average, making a positive return from placing one hundred separate bets with $5 stakes.
- Repeat the calculations above using 1,000, 5,000 and 10,000 bets.
- Create a scatter plot of probability that the mean return from playing Tai Sai is positive (on y-axis) versus number of bets (on x-axis). Comment on what the plot appears to show.
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n_{1}=53 |
X_{1}_bar=7.9 |
S_{1}=1.82 |
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n_{2}=60 |
X_{2}_bar=4.3 |
S_{2}=1.53 |