Money Duck
by Dan Meyer
skips
questions
Act One
- Teacher noteHave students share their responses with their neighbors. Find the high and low in the class.
Act Two
- 1.
What information would be useful to know here?
- 2.
What do you think this mathematical model is trying to tell you about Money Ducks?
- ImageProbability Distribution Image
- 3.
Which of these probability distributions are possible and which are impossible? Why? How do you know?
- ImageImpossible & Possible Distributions
- 4.
If you're selling Money Ducks for $5, why is each of these distributions bad for business?
- ImageBad for Business Distributions
- 5.
Make up a price for each of these distributions so that the buyer and seller won't gain or lose money over the long run.
- ImagePrice the Distributions
- Teacher noteThis is your moment to teach Expected Value. The ball is on the tee. They've done a lot of informal thinking about EV. Now you can formalize it.
- 6.
What is the expected value of each of these distributions?
- ImageCalculate Expected Value
- FileHandout w/ All These Questions
Act Three
- Teacher noteAnswers
1. It tells you all the possible events for the Money Duck and the likelihood of each event.
2. B and C are impossible because the total probability exceeds 100%. D is impossible because the total probability doesn't reach 100%.
3. A is bad for business because people will eventually stop buying your ducks. B is bad for business because you're giving away a lot of $50s for only $5.
4. Answers will vary.
5.
A: $6.5
B: $30.60
C: $21.35
D: $17.20
Sequel
- LinkThe Price
- 7.
Given this price of the Money Ducks, decide on a distribution that would give you a $3 profit per duck over the long run.
- LinkThe Money Animal Marketplace
show 72 more questions
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What is the cost of Money Duck? Will I make or lose money if I buy a bunch of them?
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what how much money is that? also its not really awesome because it might charge you 1000 dollars for 1 buck or 1000 dollars for 50 bucks
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How evenly distributed are the different dollar amounts in the set of ducks?
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What is the probability that you will purchase a money duck that has a fifty dollar bill inside?
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What is the percent of soaps that contain a bill larger than a dollar?
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Were the ducks worth the money I spent? But do I know the amount each duck cost?
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What's the true distribution of denominations? (I already saw the great, "How much would you pay?)
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