U3L5

Question 1

what is an index

Answer 1

Index - an arbitrarily defined # that provides a measure of scale.
Ex. The english inch is 3 lengths of barley corn.

Question 2

what is inflation

Answer 2

Inflation - a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time.
Inflation indicates a decrease in the purchasing power of a nation’s economy.

Question 3

Monty Hall problem

Answer 3

What is the Monty Hall Problem?
Monty Hall asks you to choose one of three doors. One of the doors hides a prize and the other two doors have no prize. You state out loud which door you pick, but you don’t open it right away.
Monty opens one of the other two doors, and there is no prize behind it. Do you stay with your original door or do you switch?
Answer: you always switch! This is because your chances of getting the car are ⅓ and the chance of getting a zonk are ⅔. When the one zonk is revealed, the chances of winning the car in the unchosen door become ⅔ since there is no chance that the revealed door has a car behind it.