Use Simulation to Obtain Data Based on Probabilities

question 156

Essay

Use Simulation to Obtain Data Based on Probabilities
-(a) Use a graphing calculator or statistical software to simulate drawing a card from a standard deck 100 times (with replacement of the card after each draw). Use an integer distribution with numbers 1 through 4 and use the results of the simulation to estimate the probability of getting a spade when a card is drawn from a standard deck. (b) Simulate drawing a card from a standard deck 400 times (with replacement of the card after each draw). Estimate the probability of getting a spade when a card is drawn from a standard deck. Compare the results of (a) and (b) to the probability that would be obtained using the classical method. Which simulation resulted in the closest estimate to the probability that would be obtained using the classical method Is this what you would expect

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Definitions:

Elasticity

A measure of how much the demand or supply of a product changes in response to a change in price.

Total Revenue

The total amount of money a firm receives from the sale of its goods or services, calculated as the product of price and quantity sold.

Inelastic

A characteristic of goods or services for which demand does not significantly change with a change in price.

Total Revenue

The total amount of money generated from the sale of goods or services by a company before any costs or expenses are deducted.