yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

2 step estimation example


2m read
·Nov 10, 2024

We are told a teacher bought 12 sheets of stickers to use on the homework of her students. Each sheet had 48 stickers. At the end of the year, the teacher had 123 stickers remaining. Which is the best estimate for the number of stickers the teacher used?

So like always, pause this video and see if you can have a go at this before we work on this together.

All right, now let's work on this together. The first thing to appreciate is we just have to figure out an estimate; we don't have to figure out the exact number of the stickers that were used. Let's see if we can do that.

So let's see. We have 12 sheets of stickers, and each sheet had 48 stickers; 48 stickers per sheet. So how many stickers did the teacher start off with? Well, there were 12 sheets times the number of stickers per sheet, so times 48. This is going to be the number that they started off with.

Now, if we want to figure out the number that are used, we just have to figure out, okay, from the number that was started, how many are left over? And then that's how many were used. So how many were left? Well, 123 were remaining at the end of the year, so that's this number right over here.

If we calculate that first, the number to start, we subtract out the number that are remaining; then that will be equal to the number of stickers that the teacher used. Now, once again, we don't have to figure out exactly; we just have to estimate.

I'm just going to try to figure out friendlier numbers to work with. So instead of 12, let's imagine—actually, I'll stick with 12. 12 I can work with. But let's say that this is going to be approximately equal to—so in parentheses, instead of 48, I'll say it's roughly 50. So this is going to be approximately 12 times 50.

Instead of 123, I'll say that's roughly a friendlier number; it might be 120 or it might be a hundred. Let's just do 120. So minus 120. We could have done a hundred, and so we could figure out what this is in our heads or with a little bit of paper.

12 times 5 is 60, so 12 times 50 is 600. And then 600, if we had 100 here, 600 minus 100 would be 500, or 600 minus 120 is 480.

So what we want to do is look at the choice and see which of these choices is closest to roughly 500 or roughly 480. And so let's see, out of all of these, actually they have exactly 480, which is so they estimated exactly the way we happen to estimate.

Now, not every person is going to do that. We could have chosen, instead of 123 becoming 120 in our estimate, we could have put 100 there, and then we would have gotten 500. But even if 500 was our estimate, 480 still would have been the closest to that estimate.

More Articles

View All
Second "Ask Sal anything" session focused on life advice
Let’s start with, uh, Christine. I believe, Christine, you had your hand very patiently raised last time, so let’s start with you now. A reminder, we are recording this session, as I put the last one on LinkedIn, so this could happen again. So, by partici…
Warren Buffett Leaves the Audience SPEECHLESS (Inspiring Story)
These people had one thing in common. You know, they knew they had it in themselves. They knew they could be something beyond where they were. They were willing to put their time, their energies to better themselves. And behind them, as I saw when I got t…
Elad Gil and Pejman Nozad - Startup Investor School Day 3
Just yesterday, the main topic was really focused on the hardest thing about investing, I think, which is how do you decide to invest? How do you go about making decisions? So we heard from Dalton, who talked about founder meetings, talked about the proc…
Secrets You Can Learn From Your Customers
And some point during this coffee session, the guy was like, “Hey, oh, you want my nose? You want to see my, would you like a gold mine? Yeah, for all of my thoughts, all of my everything.” [Music] Hello, this is Michael Seibel with Dotson Caldwell, and…
Changes in labor supply | Microeconomics | Khan Academy
In a previous video, we took a look at the labor markets, and we thought about it in the context of the entire market and how it might impact a firm. So let’s say that all of a sudden, the nation’s immigration policy changes where they’re willing to bring…
Meet Kevin: He owns $4.5 MILLION worth of Real Estate by age 25
So I pulled up a second chair. What do you say I bring Graham in? Let’s do it! How’d it get here? How’d you get here, dude? Who let you in? How do you get by the gates? Subscribe. Oh, sup man! Hey, what’s up dude? How you doing? Hey, good to see you! Hey…