Exercise – The Red Bead Experiment (Coin Toss Variation)Toss two coins 10 times in a row. Record your results (Two Heads (HH); One Head – One Tail (HT or TH), or Two Tails (TT) in the table below. Repeat for four additional rounds and record your results. (6 points) Round Toss 1 Toss 2 Toss […]
Tag Archives: Variation
What is the reference point of a non-owner of a mug? Give both r1 and r2. Solve for the “buying price”, the maximum price at which a non-owner is willing to buy a mug.
2. This question asks you to think about the mug experiments discussed in class in terms of actual utility functions. Let two dimensions of choice be mugs and money, with mugs being dimension 1 and money being dimension 2. Denote outcomes in mugs and moneyby c1 and c2, respectively, and reference points in the two […]
Discuss the importance of the Measures of Center and the Measures of Variation.
Introduce your scenario and data set. Provide a brief overview of the scenario you are given above and the data set that you will be analyzing. Classify the variables in your data set. Which variables are quantitative/qualitative? Which variables are discrete/continuous? Describe the level of measurement for each variable included in your data set. Discuss […]
