The Gambler's Fallacy is the idea that past events can affect future behavior. The fallacy often generates real financial consequences for those who like to take their chances at gambling, which, in turn, reaps financial benefits for gambling businesses like casinos or race tracks.Being a person who enjoys playing dice games, you want to test the Gambler's Fallacy using a six-sided die. You toss the die 300 times with the following results. Roll 123456 Frequency 544950515145Find the value of the chi-square test statistic for this scenario.

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The Gambler&#039;s Fallacy is the idea that past events can affect future behavior. The fallacy often generates real financial consequences for those who like to take their chances at gambling, which, in turn, reaps financial benefits for gambling businesses like casinos or race tracks.Being a person who enjoys playing dice games, you want to test the Gambler&#039;s Fallacy using a six-sided die. You toss the die 300 times with the following results. Roll 123456 Frequency 544950515145Find the value of the chi-square test statistic for this scenario.

Sarai Dorsey · Accepted Answer

We have to find chi-square test statisticChi-square test statistic:χ2=∑(Oi-Ei)2EiWhere,O is observed frequencyE is expected frequency&amp;nbsp;Expected frequency -E = N*piWhere , N is sample size.We know that there is equal chance to get any outcome when dice is rolled.i.e P(1)= P(2) = P(3) = P(4) = P(5)= P(6) = 1/6Calculation :&amp;nbsp;Roll&amp;nbsp;&amp;nbsp;Observed frequencies,&amp;nbsp;Oi&amp;nbsp;Expected frequencies,&amp;nbsp;Ei(Oi−Ei)(Oi−Ei)2(Oi−Ei)2Ei154300⋆(1/6)=504160.3224950−110.023505000045150110.0255150110.0264550−5250.5&amp;nbsp;N=300&amp;nbsp;&amp;nbsp;sum=0.88We got , Chi-square test statistic =&amp;nbsp;χ2=0.88

The Gambler's Fallacy is the idea that past events can affect future behavior. The fallacy often gen

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