[ECON 4] - Midterm Exam Guide - Everything you need to know! (19 pages long)
Document Summary
De(cid:133)nition 1 in the study of statistics, we consider experiments for which the outcome can- not be predicted with certainty. De(cid:133)nition 2 usually experiments are such that the collection of every possible outcome can be described and listed. The collection of all outcomes is called the outcome space, and is denoted by o. Example 3 roll one die and count the number of the upper face. outcome space o = f1; 2; 3; 4; 5; 6g. Example 4 roll two dies and count the sum of the numbers of the upper faces. In this example, the outcome space o = f2; 3; 4; 5; 6; 7; 8; 9; 10; 11; 12g. Example 5 flip a coin at random and (cid:133)nd the picture on the upper face. In this example, the outcome space o = fhead, tailg. Example 6 a fair coin is (cid:135)ipped successively until the same face is observed on successive (cid:135)ips.
