USE REAL-LIFE DATA TO MOTIVATE YOUR STUDENTS 1

Similar documents
Ma 093 and MA 117A - Exponential Models. Topic 1 Compound Interest

1.2 A CATALOG OF ESSENTIAL FUNCTIONS

Objectives for Exponential Functions Activity

4452 Mathematical Modeling Lecture 17: Modeling of Data: Linear Regression

Appendix B: DETAILS ABOUT THE SIMULATION MODEL. contained in lookup tables that are all calculated on an auxiliary spreadsheet.

12. Exponential growth simulation.

San Francisco State University ECON 560 Summer 2018 Problem set 3 Due Monday, July 23

Introduction. Enterprises and background. chapter

Multiple Choice Questions Solutions are provided directly when you do the online tests.

Organize your work as follows (see book): Chapter 3 Engineering Solutions. 3.4 and 3.5 Problem Presentation

Finance Solutions to Problem Set #6: Demand Estimation and Forecasting

Problem Set 1 Answers. a. The computer is a final good produced and sold in Hence, 2006 GDP increases by $2,000.

a. If Y is 1,000, M is 100, and the growth rate of nominal money is 1 percent, what must i and P be?

Exponential Functions Last update: February 2008

Problem 1 / 25 Problem 2 / 25 Problem 3 / 11 Problem 4 / 15 Problem 5 / 24 TOTAL / 100

Cubic and Quartic Models

Financial Econometrics Jeffrey R. Russell Midterm Winter 2011

, where P is the number of bears at time t in years. dt (a) Given P (i) Find

UNIVERSITY OF MORATUWA

CENTRO DE ESTUDIOS MONETARIOS Y FINANCIEROS T. J. KEHOE MACROECONOMICS I WINTER 2011 PROBLEM SET #6

1 Purpose of the paper

Economic Growth Continued: From Solow to Ramsey

ANSWER ALL QUESTIONS. CHAPTERS 6-9; (Blanchard)

Solve each equation Solve each equation. lne 38. Solve each equation.

Market and Information Economics

You should turn in (at least) FOUR bluebooks, one (or more, if needed) bluebook(s) for each question.

Unemployment and Phillips curve

(1 + Nominal Yield) = (1 + Real Yield) (1 + Expected Inflation Rate) (1 + Inflation Risk Premium)

CHAPTER CHAPTER26. Fiscal Policy: A Summing Up. Prepared by: Fernando Quijano and Yvonn Quijano

Population growth and intra-specific competition in duckweed

Watch out for the impact of Scottish independence opinion polls on UK s borrowing costs

A TASK A LITTLE BIT OF HISTORY

UCLA Department of Economics Fall PhD. Qualifying Exam in Macroeconomic Theory

R e. Y R, X R, u e, and. Use the attached excel spreadsheets to

Forecast Response Variable

CHAPTER 3 How to Calculate Present Values. Answers to Practice Questions

STATIONERY REQUIREMENTS SPECIAL REQUIREMENTS 20 Page booklet List of statistical formulae New Cambridge Elementary Statistical Tables

CHAPTER CHAPTER18. Openness in Goods. and Financial Markets. Openness in Goods, and Financial Markets. Openness in Goods,

Session 4.2: Price and Volume Measures

Output: The Demand for Goods and Services

The Mathematics Of Stock Option Valuation - Part Four Deriving The Black-Scholes Model Via Partial Differential Equations

Quadratic Function Models

Exam 1. Econ520. Spring 2017

Empirical analysis on China money multiplier

Documentation: Philadelphia Fed's Real-Time Data Set for Macroeconomists First-, Second-, and Third-Release Values

FINAL EXAM EC26102: MONEY, BANKING AND FINANCIAL MARKETS MAY 11, 2004

Fundamental Basic. Fundamentals. Fundamental PV Principle. Time Value of Money. Fundamental. Chapter 2. How to Calculate Present Values

ECONOMIC GROWTH. Student Assessment. Macroeconomics II. Class 1

An Incentive-Based, Multi-Period Decision Model for Hierarchical Systems

The Economic Impact of the Proposed Gasoline Tax Cut In Connecticut

A Theory of Tax Effects on Economic Damages. Scott Gilbert Southern Illinois University Carbondale. Comments? Please send to

Data Mining Anomaly Detection. Lecture Notes for Chapter 10. Introduction to Data Mining

Data Mining Anomaly Detection. Lecture Notes for Chapter 10. Introduction to Data Mining

Dynamic Programming Applications. Capacity Expansion

Final Exam Answers Exchange Rate Economics

Technological progress breakthrough inventions. Dr hab. Joanna Siwińska-Gorzelak

A Note on Missing Data Effects on the Hausman (1978) Simultaneity Test:

2. Quantity and price measures in macroeconomic statistics 2.1. Long-run deflation? As typical price indexes, Figure 2-1 depicts the GDP deflator,

ASSIGNMENT BOOKLET. M.Sc. (Mathematics with Applications in Computer Science) Mathematical Modelling (January 2014 November 2014)

Problem 1 / 25 Problem 2 / 25 Problem 3 / 30 Problem 4 / 20 TOTAL / 100

Forecasting with Judgment

Advanced Forecasting Techniques and Models: Time-Series Forecasts

IJRSS Volume 2, Issue 2 ISSN:

Erratic Price, Smooth Dividend. Variance Bounds. Present Value. Ex Post Rational Price. Standard and Poor s Composite Stock-Price Index

Bond Prices and Interest Rates

Spring 2011 Social Sciences 7418 University of Wisconsin-Madison

INSTITUTE OF ACTUARIES OF INDIA

LIDSTONE IN THE CONTINUOUS CASE by. Ragnar Norberg

Inventory Investment. Investment Decision and Expected Profit. Lecture 5

Web Usage Patterns Using Association Rules and Markov Chains

INSTITUTE OF ACTUARIES OF INDIA

Process of convergence dr Joanna Wolszczak-Derlacz. Lecture 4 and 5 Solow growth model (a)

Online Appendix to: Implementing Supply Routing Optimization in a Make-To-Order Manufacturing Network

Open-High-Low-Close Candlestick Plot (Statlet)

CURRENCY CHOICES IN VALUATION AND THE INTEREST PARITY AND PURCHASING POWER PARITY THEORIES DR. GUILLERMO L. DUMRAUF

Macroeconomics. Part 3 Macroeconomics of Financial Markets. Lecture 8 Investment: basic concepts

MA Advanced Macro, 2016 (Karl Whelan) 1

a) No constraints on import- export, no limit on reservoir, all water in the first period The monopoly optimisation problem is:

This specification describes the models that are used to forecast

An Indian Journal FULL PAPER. Trade Science Inc. The principal accumulation value of simple and compound interest ABSTRACT KEYWORDS

A Regime Switching Independent Component Analysis Method for Temporal Data

An Analysis of Trend and Sources of Deficit Financing in Nepal

Question 1 / 15 Question 2 / 15 Question 3 / 28 Question 4 / 42

The Impact of Interest Rate Liberalization Announcement in China on the Market Value of Hong Kong Listed Chinese Commercial Banks

Chapter Outline CHAPTER

DEBT INSTRUMENTS AND MARKETS

1. To express the production function in terms of output per worker and capital per worker, divide by N: K f N

INSTITUTE OF ACTUARIES OF INDIA

Volatility and Hedging Errors

Effect of Probabilistic Backorder on an Inventory System with Selling Price Demand Under Volume Flexible Strategy

OPTIMUM FISCAL AND MONETARY POLICY USING THE MONETARY OVERLAPPING GENERATION MODELS

Business Statistics: A Decision-Making Approach, 6e

DOES EVA REALLY HELP LONG TERM STOCK PERFORMANCE?

The Relationship between Money Demand and Interest Rates: An Empirical Investigation in Sri Lanka

Key Formulas. From Larson/Farber Elementary Statistics: Picturing the World, Fifth Edition 2012 Prentice Hall. Standard Score: CHAPTER 3.

Lecture: Autonomous Financing and Financing Based on Market Values I

Portfolio investments accounted for the largest outflow of SEK 77.5 billion in the financial account, which gave a net outflow of SEK billion.

Supplement to Models for Quantifying Risk, 5 th Edition Cunningham, Herzog, and London

Essential Mathematics for Economics and Business, 4 th Edition CHAPTER 5 : FINANCIAL MATHS.

The macroeconomic effects of fiscal policy in Greece

Transcription:

USE REAL-LIFE DATA TO MOTIVATE YOUR STUDENTS 1 Rober E. Kowalczk and Adam O. Hausknech Universi of Massachuses Darmouh Mahemaics Deparmen, 285 Old Wespor Road, N. Darmouh, MA 2747-23 rkowalczk@umassd.edu and ahausknech@umassd.edu Real-life daa provides an eremel rich environmen for developing, learning, and appling mahemaics. Wheher ou are inroducing a new opic, epanding on a curren opic, or demonsraing how mahemaics can be applied, presen echnolog makes using daa a cinch. Graphing calculaors, compuer algebra ssems, and man oher mahemaics sofware packages all have some capabili for handling daa. In his presenaion, we will use he mahemaics eploraion sofware package TEMATH o ineracivel demonsrae how daa can be an inegral par of he eaching of mahemaics. We will presen eamples of how modeling daa can be used o moivae sudens in college algebra, precalculus, and calculus. In-Class Daa Gahering A he beginning of he semeser when we discuss linear funcions wih our college algebra sudens, we have hem perform he wave eperimen. We have he firs four sudens in he firs row of he classroom perform a wave b having each suden sand up and hen si down in sequence. Usuall some suden has a sop wach and we assign ha suden o be he imekeeper. Firs, we measure he ime i akes for he firs four sudens o perform he wave. Ne we add four more sudens o he wave and measure he ime i akes he eigh sudens o perform he wave. We coninue in his wa unil he enire class does he wave. The following wave daa was generaed b Prof. Kowalczk's class his semeser: s (number of sudens in he wave) 4 8 12 16 2 24 28 3 (ime in sec o complee he wave) 2 3.2 4 5.6 7 7.9 8.6 9.1 We use TEMATH o plo he daa and hen ask our sudens wha mahemaical model (funcion) would be useful o describe he wave daa. We hen find he leas squares line fi o he daa as is shown in Figure 1. Mos of our sudens know how o calculae he slope of a line, bu, he have considerable difficul in inerpreing he meaning of he slope in erms of he unis in he problem. We promp our sudens o correcl inerpre he slope of he wave model.28 sec/suden as he average ime i akes each suden o perform he wave. We also have hem inerpre he meaning of he -inercep.96 sec as he reacion ime of he firs suden o sar he wave afer he word GO is shoued. Figure 2 shows a comparison of he wave daa from Prof. Hausknech's class and Prof. Kowalczk's class. This comparison provides a rich environmen in which sudens can compare linear funcions and inerpre he slopes and -inerceps. For eample, iniial reacion imes are he same bu sudens in Prof. Hausknech's class ake wice as long o perform heir par of he wave. Technolog in Collegiae Mahemaics", Addison-Wesle Publishing Co., 1997, p. 226-23.

1 1 (s) =.86 +.56s (s) =.96 +.28s (s) =.96 +.28s 35 s 35 s Figure 1 Wave Daa Figure 2 Comparing Waves Linear Trend Analsis I is imporan o use daa ha is relevan o he sudens and he socie he live in. In his da and age of violence, we can use mahemaics o sud he rend of violen crime in he Unied Saes. The 1995 World Almanac conains he raes for violen crime (per 1, inhabians) for he ears 1973 o 1992. Afer seing he base ear 1973 o =, ploing he scaer plo for he violen crime raes, and finding he leas squares rend line, we see from Figure 3 ha over his wen ear period, he violen crime rae is increasing on average b 15.5 more crimes per 1, inhabians per ear. Noe ha in his problem, we are no ineresed in finding a funcion ha fis all he daa, bu a funcion ha models he rend of hese varing crime raes. 8 = 429.4 + 15.5 2 Figure 3 Violen Crime Raes in he US (1973-1992) Performing an Eperimen and Developing Mahemaical Models o Fi he Daa In he ransiion beween linear funcions and quadraic funcions, we have our sudens perform he following eperimen a home or in heir dorm: Place a flashligh (wih a round face) one inch from a wall and measure he diameer of he circular area of ligh. Repea his for disances of 2, 3,..., 8 inches. Plo he daa for he diameer of he circle of ligh as a funcion of he disance of he flashligh from he wall. Find he leas squares line ha bes fis he daa and inerpre he meaning of he slope and -inercep. Technolog in Collegiae Mahemaics", Addison-Wesle Publishing Co., 1997, p. 226-23.

Plo he daa for he area of he circle of ligh on he wall as a funcion of he disance of he flashligh from he wall. Find he leas squares quadraic fi for he daa. Discuss he relaionship beween ligh area and disance of he flashligh from he wall. How does he brighness of he ligh change as he area increases? How would ou calculae he inensi of he ligh for he differen size circles? In performing his eperimen, our sudens develop an undersanding for he need of funcions oher han linear. A pical suden's daa and models are shown in Figure 4. D 15 A 16 D() =.74 + 1.93 A() = 3^2 + 1.4 + 1.5 7 7 Figure 4 Fiing Linear and Quadraic Daa Fiing Daa Obained from Reference Sources To coninue he heme of using funcions o model daa, we ne inroduce our sudens o daa ha can no be modeled wih a polnomial. Since mos of our college algebra L sudens are business majors, we use business growh daa o moivae he sud of 15 eponenial funcions and eponenial growh. As one eample, he 1993 World Almanac conains daa for he amoun of L() = 656.7 Ep(.115) life insurance purchased (millions of dollars) for he ears 194-199. Seing he base ear 194 o =, our sudens hen find he leas squares eponenial fi o he daa and he inerpre he consans a and r in he model f () = ae r. Figure 5 presens he eponenial fi for he insurance daa. Observe ha he amoun of 5 life insurance purchased has increased a a earl rae of roughl 1% over his 5 ear period. Figure 5 Ownership of Ordinar Life Insurance in he US Technolog in Collegiae Mahemaics", Addison-Wesle Publishing Co., 1997, p. 226-23.

Comparing Eponenial Growh o Polnomial Growh When inroducing eponenial funcions, we ofen sress he fac ha eponenial funcions grow a lo faser han polnomial funcions. This noion becomes imporan when modeling daa ha has an imporan impac on socie. For eample, in his da of budge cus, Medicare is in he forefron. The 1994 Saisical Absrac of he US conains he earl Medicare medical pamens (billions of dollars) for he ears 197 o 1991. Afer seing he base ear 197 o =, ploing he scaer plo, finding he leas squares eponenial fi and he quadraic polnomial fi, we observe ha Medicare pamens are rising sharpl, bu, he good news is ha he are rising a a quadraic rae and no an eponenial rae. See Figure 6. 123 p() =.2^2 + 1.2 +6 f() = 8.2 ep(.14) Figure 6 Medicare Medical Pamens (billion dollars) 21 Tesing he Accurac of Eising Well-known Models Anoher wa we use daa in he classroom is o check he accurac of well-known models presened in he e book. For eample, we bring conainers of ho waer and hermomeers o class and have he sudens record he emperaure of he waer over ime o es he accurac of Newon's Law of Cooling. In preparing his eperimen for our sudens, we discovered ha Newon's Law of Cooling is valid onl when he difference beween he objec emperaure and he ambien emperaure is no oo large. We sared wih 9 C waer and le i cool o room emperaure (23 C) over a four hour (241 minue) period. The recorded daa and he model for Newon's Law of Cooling are ploed in Figure 7 below. Noice he poor fi. In all he eperimens we performed, waer alwas cooled faser han wha was prediced b Newon's Law of Cooling. When he emperaure of he objec is closer o ambien emperaure (wihin 27 C in his case), Newon's Law of Cooling models he daa well (see Figure 8 below). C 7 C 3 25 2 Figure 7 Large Temperaure Difference Figure 8 Small Temperaure Difference Technolog in Collegiae Mahemaics", Addison-Wesle Publishing Co., 1997, p. 226-23.

Finding Formulas and Making Conjecures We also have our sudens generae daa mahemaicall for he purpose of recognizing paerns and making conjecures. For eample, we ell our sudens ha he sum 1 + 2 + 3 +L+ n can be represened b a quadraic funcion wih raional coefficiens. I is suggesed ha he evaluae his sum for hree differen values of n and hen find he quadraic inerpolaing polnomial ha passes hrough he hree poins. Sudens are ne asked o find a formula for 1 2 + 2 2 + 3 2 + L + n 2. Using he sraeg he developed o find his formula, he are hen asked o find a formula for 1 k + 2 k + 3 k +L + n k, for k = 3,4,5,6,7,8 and o wrie all formulas as polnomials wih raional coefficiens. Demonsraing he Imporance of Parameric Equaions Wih he power of oda's echnolog, parameric equaions are becoming a popular opic in mahemaics. There are an endless number of moivaing eamples for eploring he concep of parameric equaions. For eample, one migh ask, How do modern-da priners produce smooh leers and graphics? As an aemp o answer o his quesion, we have our sudens draw leers of he alphabe b using cubic polnomials o paramericall inerpolae a se of daa poins or b using a se of conrol poins and Bezier curves. Figure 9 shows an eample of drawing he leer C using Bezier curves. 5 5 5 5 Figure 9 Bezier Curves Bibliograph [1] TEMATH - Tools for Eploring Mahemaics Version 1.5 b Rober Kowalczk and Adam Hausknech, Brooks/Cole, 1993. [2] A Guide o TEMATH - Tools for Eploring Mahemaics b Rober Kowalczk and Adam Hausknech, Brooks/Cole, 1991. [3] Algebra Eperimens Eploring Linear Funcions, Mar Jean Winer and Ronald J. Carlson, Addison-Wesle Publishing Co., 1993. [4] The World Almanac and Book of Facs, Pharos Books, 1993. [5] 1994 Saisical Absrac of he Unied Saes. [6] The 1995 World Almanac. Technolog in Collegiae Mahemaics", Addison-Wesle Publishing Co., 1997, p. 226-23.