Question

Discuss 2 real world examples of randomness and the use of probability to understand your examples.

Answer #1

1 )

In sports ,

including American football use coin toss to randomly select
starting conditions for games

i.e if there 2 teams Team A and Team B

Chance of selected
as starting Team A will be selected with probability 1/2
(0.5)

Means if toss a coin 10 times there will be nearly equall to 5
times Chance for Team A

and same For Team B .

2)

In politics ,

Suppose you know that 60 percent of the people in your commu-

nity are Democrats, 30 percent are Republicans, and the remaining
10 percent

are Independents or have another political affiliation. If you
randomly select

one person from your community, what’s the chance the person is a
Democrat?

The chance is 60 percent. You can’t say that the person is surely a
Democrat

because the chance is over 50 percent; the percentages just tell
you that the

person is more likely to be a Democrat.

What are real-world examples of when to use the one-sample
z-test?

Use 3-5 sentences each to describe 2 examples of vertical
integration in the real world, then state the advantages and
disadvantages of vertical integration using the table below
Example 1:
Example 2:
Summary of pros and cons of vertical
integration
Pros
Cons

Please explain all in microsoft word
Using real world examples, discuss the necessary conditions that
must exist in order for a market to be perfectly competitive.

Explain the difference between each of the three types of
unemployment. Use real world examples (not from the book) that
illustrate each type. ( In your own words)

vv
Discuss the differences between
firm-specific risk and market-risk using at least two real-world
examples.

Discuss examples of real business situations where you can use
nonparametric tests.

For this discussion, consider how probability is used in real
world scenarios and how they can be solved.
Post a real world probability problem for your
classmates to solve. Use normal or binomial distribution within the
problem.

Explain the difference between an analog and a digital signal.
Give 2 examples of real-world digital signals.

These shortcomings are also listed in Chapter 6 of the text.
Provide specific real-world examples of two of these limitations.
Do not use real-world examples that were listed in the text.
The list of shortcomings:
Non-market Goods and Services.
Underground Economy.
Quality of the Environment.
Leisure time.
Happiness.

1. Give a few examples
of real-world firms that you think are monopolies or close to being
monopolies. For each of them discuss what you think is the
source(s) of their market power.

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