Statistics Lab 1 - Probability, Expected Value

Hi,   Today you will: Complete a survey. Open, edit, and save a spreadsheet by creating self-computing cells to do probability problems. Show the completed work to the prof. Email the completed work to yourself and the prof. Be reminded of the TEST and homework assignment. 1. Survey Please complete the survey then return to this page. Name:   Status: full-time     part-time Gender: male     female     Background: African American American Indian Asian American Caucasian Hispanic American International Other:   Math Anxiety: Enter a number using the scale below: 0 1 2 3 4 none    very little       some    more than some very high   Computer Projected Notes & Web Copies: Enter a number using the scale below: 0 1 2 3 4 really don't like them    don't like them    don't care do like them really like them   Comments on anything:     2. Open A Spreadsheet Download the Lab 1 spreadsheet and save it by naming it with your first and last name in a location you can find. Close it. Open Excel and open your spreadsheet.     3. Paste A Picture in the Spreadsheet Right click on the picture below. Copy it. Paste it in the blue area of the spreadsheet using Ctrl + V.   4. Use the self-computing cells to write decimal values for the probabilities     5. Create a 4-column table to compute expected value, much as we used in class.   The first column should be Event. The next column should be P(Event). The third column should be Amount. The fourth column should be titled P(Event) · (Amount) and each cell in the column should be created using a formula which multiplies P(Evnet) time the (Amount).       Use the formula =P(A)*(Amount) in each column. The last cell in the last column should compute the sum.       Use the formula =sum(...) where ... is the cells which need to be added.     6. Use the self-computing cells to compute the expected value of the following game. Game: Draw a piece out of the pot. If a # is drawn, one wins $50. If a 0 is drawn, one wins $10. If an X is drawn, one pays $20.         7. Show the prof your spreadsheet.     8. Email your spread sheet to yourself and to your prof (AAzzolino@middlesexcc.edu).     9. Homework: a.Study for the TEST. b. Complete your "Cheat Sheet" to hand in for a grade.     © A. Azzolino October 6, 2009 www.mathnstuff.com/math/spoken/here/2class/90/fmlab1.htm