Mind Over Money - The Power of Averages
Watch
the video above and then answer these questions:
- Start the video and then pause the video at 1:08 and each person guess how many jellybeans are in the jar? Continue to watch the video and then see who was the closest.
- Summarise the experiment Nigel Latta conducted with the jellybeans in the jar. Include the findings.
- What was the average guess of your group? How far away was your average guess from the actual amount of Jelly Beans? Why do you think this was so? What would you expect if you asked 1,000 people instead of 100?
- Google a definition of the law of averages and then simplify it by writing a definition in your own words
- How did Billionaire Warren Buffet use the power of averages to invest in the stock market.? What were his results?
- Design a similar experiment to test the law of averages and go out conduct it and record your results.
- Prepare a summary of your experiment and your findings to present to the class.
