Floyd's Student Worksheet (KCPT Copy)
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TimestampNamePartner's nameClass Period(Q1) How many cars passed by each time, when you're just watching and not selling?(Q2) Did the same number of flats occur each time you watched?(Q3) In the games you've played so far, what is the highest end balance you've earned?(Q4) How is the value for "revenue" being determined?(Q5) How is the value for "payout" being determined?(Q6) How is the value for "balance" being determined?(Q7) If you play two games with the same premium price, do you always end up with the same balance? (yes/no) (Q8) Explain why you think this happens.(Q9) In all your games, what is the highest revenue you've earned so far? (Q10) What was the premium price that earned that highest revenue? (Q11) Does it look like the same price that creates the highest revenue also creates the highest balance? (Q12) Explain why you think this is.(Q13) What do you think is the best premium price? (Q14) What is your end balance with that best premium price? (Q15) How many customers do you get if you give the insurance away for free? (Q16) At what price will you no longer get any customers? (You may need to rescale the axes to see these points on the graph.) (Q17) Is the number of customers a function of the premium price? (Q18) If so, what type of function?(Q19) What is your equation that fits the data? (Q20) What do you think is the probability of any car getting a flat tire?(Q21) Write an equation relating the expected number of flats to the number of customers. (Q22) Use your Q19 and Q21 responses to write an equation for flats in terms of the price. (Q23) Write a convincing explanation that you've found the best premium price
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