Utica University • Department of Business and Economics
Our promotional box contains exactly 10 total tags. Draw tags to test how empirical results converge with classical theory over large sample sizes.
Answer the following questions as a team based on your simulation results and your ECN 241 probability rules:
1. Classical Probability: What is the exact mathematical probability of drawing a Green tag on your very first try?
2. The Addition Rule: What is the probability of drawing either a Blue tag OR a Red tag in a single draw?
3. Sample Variation: Notice how the empirical percentages fluctuate when you only draw 1 tag versus 100 tags. What statistical law explains why 100 draws get much closer to the true classical probabilities?