Question

Select a probability that you rely on all the time that relates to empirical and subjective probability and explain

Answer #1

(i)

A probability that we rely on all the time that relates to empirical probability :

The likelihood that the ent will happen based on the results of the data collected.

Suppose we toss a con 100 times and get 48 Heads.

Then,

Empirical Probability of Heads = 48/100 = 0.48

(ii)

A probability that we rely on all the time that relates to subjective probability:

An individual's personal judgement or own experience about whether a specific outcome is likely to occur.

We predict the probability of rain today is 0.25 based on our personal judgement or own experience. There is no mathematical proof behind the answer.

Can you explain in detail (mathematically) how the
empirical rule relates to the Sigma Level (+/- 6 sigma)? I've heard
that "defect rates assume a 1.5 sigma shift", please explain this;
does this have anything to do with z-table? Why 6 sigma and not
just use the +/-3 sigma from the (68-95-99.7)% rule?

For the following scenarios, indicate which type of probability
the story represents. The choices are "subjective," "empirical,"
and "equally likely" (theoretical)
The probability that a random statistics major rolls a 1 on a 6
sided die.
The probability that a random statistics student takes a class in
Building #1.
The probability that a random student will predict the correct
winner of this year's World Cup.

People’s subjective probability is known to have an
inverse-S-shaped weighting function---from probability of 0 to
probability of 1, first a concave function and then a convex
function. In their 1979 and 1992 works, Tversky and Kahneman
developed the famous prospect theory and it has been widely used to
explain peoples’ risk seeking behavior in a loss and risk averse
behavior in a gain, and the utility function under the prospect
theory is an S-shaped function. Read the following questions and...

Give one example of how you have used probability in your life.
Were you able to determine the probability based on the classical
method, the relative frequency method, or the subjective method?
Explain. Think about all the times you do use probability each day
and explain which of the three methods you utilize the most
throughout the day, and why

Select a product or service and discuss your subjective estimate
of its price elasticity of demand. Is it highly elastic or
inelastic, unitary elastic, etc.?
Does it matter if you select a specific brand of a product, such
as Kellogg's corn flakes, versus breakfast cereal or Exxon gasoline
versus gasoline in general?
What is the relationship between price elasticity and the effect
on total revenue if the price of your product or service goes up or
down?

5. Discuss the time inconsistency problem and explain how it
relates to monetary policy.

Do you use probability in your profession or real life? You most
likely do without consciously knowing it. Share one example of how
you have used probability in your life. Were you able to determine
the probability based on the classical method, the relative
frequency method, or the subjective method? Explain. Now think
about all of the times you do use probability each day and explain
which of the three methods you utilize the most throughout the day
and why.

Consider the probability experiment consisting of rolling two
fair six-sided dice and adding up the result. (Recall: “fair” means
each side is equally likely.)
(a) Identify the sample space. S = { }
(b) Let W be the event that the dice roll resulted in the number
12.
Then P(W) =
(c) Classify the probability you found in the previous part
(circle one):
theoretical probability empirical probability subjective
probability
Explain your answer.
(d) Describe W0 in words (without using the...

1. What is customer value? Explain in detail how it relates to
customer satisfaction.
2. Select a product and describe how that product provides value
to the customer.

Which couple of assertions relates to quantum
statistics?
(a) Probability density function is a function of coordinates and
momenta of all particles; infinite time is needed to measure
positions of all energy levels.
(b) Initial conditions cannot be determined simultaneously for all
particles; system’s state is described by coordinates and momenta
(in phase space).
(c) It is impossible to determine the quantum states with certain
energy (stationary levels); system’s state is set by the value of
system’s energy, but not...

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