Average Price (Intuition)
- Steve Phelps
Recalling how the owner of the ice cream shop offers a random price determined as follows: You roll a pair of fair, six-sided dice, and the price is the larger number followed by the smaller number (in cents). Now let’s consider the average price of an ice cream cone, using this random process.
Make a guess for the average price that would result from repeating this random process a very large number of times. Again, this is a "what-does-your-gut-tell-you?" kind of guess.
Describe how you could use simulation to approximate this average price.