Compare the calculated data with the simulated results.____________________________________________________________________________________________________________________________________________

Which number of simulation trials would be likely to produce results that are closest to the actual probability?A.15B.5C.20D.10SUBMITarrow_backPREVIOUS

a) Describe five common statistics included in the output report of a simulation programmingsystem. ` (5 Marks)

Simulated data is frequently used in economic research.  An example of how a simulated data set may be constructed is through using a random number generator.  Consider when random numbers between 0 and 1 are generated, with each generated number having four decimal places. Now decide that a sample of 10,000 randomly generated numbers is to be selected.  These 10,000 numbers will form what is called a data set.   If the mean of distribution of the individual random numbers between 0 and 1 is 0.5 and the variance 1/12, calculate:  a) The probability that a random sample of 10,000 numbers (a data set) will have a sample mean of at least 0.499 (Answer to 4 decimal places):   b) Using the probability from part a, if 5,000 data sets include 10,000 random numbers, how many of these data sets would be expected to have a sample mean of at least 0.499 (calculate to the nearest whole number)? Answer:

The simulation resulted in a mean of 0.254 and a standard deviation of 0.060.  Based on the simulation, what is the approximate interval containing the middle 95% of the data?

Which number of simulation trials would be likely to produce results that are closest to those predicted by probability theory?A.60B.50C.40D.70SUBMITarrow_backPREVIOUS