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T-Shirt Question

T-Shirt Question. Suppose you decide to sell commemorative t-shirts at your town’s centennial picnic. You know you can make a tidy profit, but only if you can sell most of your supply of shirts, because your supplier will not buy them back.

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T-Shirt Question

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  1. T-Shirt Question • Suppose you decide to sell commemorative t-shirts at your town’s centennial picnic. You know you can make a tidy profit, but only if you can sell most of your supply of shirts, because your supplier will not buy them back. • How many shirts can you reasonably plan on selling?

  2. Welcome toProbability and StatisticsMs. Phillips

  3. How does an insurance company figure rates? How a warranty is determined. How does Lay’s potato chip company use the normal distribution. Is a survey question fair? What percentage of women fall into an early pregnancy. Why how far apart data are spread means more than the center. Do you have better odds at roulette or black jack? What are the odds for a full house in poker.

  4. Chapter 14 Descriptive Statistics • Organizing and visualizing data • Measures of central tendency • Measures of dispersion • The normal distribution

  5. What will you learn? • The difference between a sample and population • What a bias looks like. • Organizing frequency tables. • Visualizing data • What do mean, median and mode really mean.

  6. How to compare data. • How to use the 5 number summary • What are range and standard deviation. • Coefficient of variation • What are the properties of a normal curve. • Raw and z-scores

  7. Chapter 12 Counting • Introduction to counting methods • The fundamental counting principle. • Permutations • Combinations

  8. Chapter 13 Probability • Basics of probability theory • What is the expected value

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