A die has been loaded to change the probability of rolling a 6. In order to estimate p, the new probability of rolling a 6, how many times must the die be rolled so that we are 99% confident that the maximum error of the estimate of p is ε = 0.02?
Lecture 5: Probability 7.1 Random Circumstance and Interpretations of Probability - A few ways to think about PROBABILITY: (1) Personal or Subjective Probability - P(A) = the degree to which a given individual believes that the event A will happen. (2) Long term relative frequency P(A) = proportion of times ‘A’ occurs if the random experiment (circumstance) is repeated many, many times. (3) Basket Model P(A) = proportion of balls in the basket that have an ‘A’ on them. - Note: each time I do the experiment, the selected ball is either white or blue;; once I look, there is no more ‘probability’) - Note: A probability