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Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301 Exercise 23
Use the RAND function in Excel to generate 100 values from a U (0,1) distribution.
a) Calculate the average and compare it to 0.5, the expected value for a random sample between 0 and 1.
b) For the RAND function sample, cluster the results into cells of 0.1 width, that is 0.0-0.1, 0.1-0.2, etc., where the upper-limit value is excluded from each cell. Determine the probability for each grouping from the results. Does your sample come close to having approximately 10% in each cell
a) Calculate the average and compare it to 0.5, the expected value for a random sample between 0 and 1.
b) For the RAND function sample, cluster the results into cells of 0.1 width, that is 0.0-0.1, 0.1-0.2, etc., where the upper-limit value is excluded from each cell. Determine the probability for each grouping from the results. Does your sample come close to having approximately 10% in each cell
Explanation
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Discrete variables are those variables w...
Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
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