I have a math question

[Hacp]

what does geometry have to do with economics?

Nothing. Economists are no better then psychologists or sociologists. They try to hide their professions failures with lots of jargon and confusing math. They claim to practice science, yet there is no scientific method to be found. At best, they make for some good entertainment (freakanomics).

 

[uclaLabrat]

Nothing. Economists are no better then psychologists or sociologists. They try to hide their professions failures with lots of jargon and confusing math. They claim to practice science, yet there is no scientific method to be found. At best, they make for some good entertainment (freakanomics).

The problem with economics is that the systems they study are so large and complex that there are myriad dependent and independent variables that can't be controlled or isolated directly. As a result, any conclusions they draw are a function of critical assumptions or constraints that may or may not represent anything we will realistically encounter in real life, and thus may or may not be accordingly useful.

It's not that they don't provide insight, it just can be extremely difficult to extrapolate those insights correctly.

 

[PlanetJosh]

Seriously, some math is so abstract, people could just be making that shit up and no one would even know.

A story came out in the last few months about that. Some of it involving fake math publications -

http://www.natureworldnews.com/arti...arch-papers-generated-by-computer-program.htm

Looks like they were computer generated but I think someone had to upload them in conscious way.

 

[Schmide]

http://www.natureworldnews.com/arti...arch-papers-generated-by-computer-program.htm

This URL blows up my firefox session. Made me have to reset it. I have no idea why?

 

[PlanetJosh]

This URL blows up my firefox session. Made me have to reset it. I have no idea why?

I'll have to reinstall Firefox to try to duplicate that. Only have IE and Chrome atm.

But I'll post a major news outlet on the gibberish story, just a minute or two..
Ok here's a Fox News link for it:

http://www.foxnews.com/science/2014...shed-science-journal-articles-just-gibberish/

 

[Dari]

Nothing. Economists are no better then psychologists or sociologists. They try to hide their professions failures with lots of jargon and confusing math. They claim to practice science, yet there is no scientific method to be found. At best, they make for some good entertainment (freakanomics).

Just admit you don't understand it. It's ok, not everyone does.

 

[lupi]

An ice cream shop sees 212 customers during its 12 hour work day.

What is the likelihood that 5 customers will walk thru the door in the next 8 minutes?

50/50.

The answer is always 50/50.

 

[Mr. Pedantic]

An ice cream shop sees 212 customers during its 12 hour work day.

What is the likelihood that 5 customers will walk thru the door in the next 8 minutes?

That means 203.8s per customer. This means that every second there is a 0.49% chance of a customer appearing.

Assuming a binomial distribution with n = 480 trials with 0.49% each trial and that the next customer's appearance is independent of the appearance of the previous customer, for x = 5 there is a 5.697% chance.

EDIT: calculating by the minute, there's a 29.44% chance per minute. Assuming a binomial distribution with n = 8 and x = 5, there is 4.35% chance.

 

[shortylickens]

Nope.

Its not binomial, there is no chance of failure. You cant count all the customers that didnt come in.
Its a waiting line problem, and requires a poisson solution.


you break down customers per hour and then if needed, customers per minute.

http://stattrek.com/probability-distributions/poisson.aspx



Having said that, you are smarter than anyone else in this thread and I therefor award you one free handjob, to be collected at your convenience.

 

[shortylickens]

 

[Dari]

Nope.

Its not binomial, there is no chance of failure. You cant count all the customers that didnt come in.
Its a waiting line problem, and requires a poisson solution.


you break down customers per hour and then if needed, customers per minute.

http://stattrek.com/probability-distributions/poisson.aspx



Having said that, you are smarter than anyone else in this thread and I therefor award you one free handjob, to be collected at your convenience.

Queueing theory. Not difficult if you took stochastic processes.

 

[EliteRetard]

See that right there is the problem...I don't know how to create or format any of those symbols on a computer, I do everything in my head. That's my excuse and I'm sticking to it.

 

[shortylickens]

Microsoft Math.

Its free.

 

[Mr. Pedantic]

Nope.

Its not binomial, there is no chance of failure. You cant count all the customers that didnt come in.
Its a waiting line problem, and requires a poisson solution.


you break down customers per hour and then if needed, customers per minute.

http://stattrek.com/probability-distributions/poisson.aspx



Having said that, you are smarter than anyone else in this thread and I therefor award you one free handjob, to be collected at your convenience.

Ah, I see. I was never good at stats.

Can I claim it now?

EDIT: never mind the handjob. Does the fact that the original period was for 1 day, but the test period is for 8 minutes change the working in any way? Or do you just say the expected number of people to frequent the shop in 8 minutes is 2.356 and go from there?

 

[Howard]

Those so called amateurs obviously know more than you do about the subject...enlighten us most wise one.....

No, Dari would never be in that position.

 

[shortylickens]

Yes, you expect 2.356 people in 8 minutes. Plug all of that into the above equation, with 5 in place of X.

 

[Dari]

No, Dari would never be in that position.

Don't worry, "Howard", all those certifications will work out for you...

 

[skimple]

Nope.


Its a waiting line problem, and requires a poisson solution.

I would never wait in line for fish.