Question: You are trying out a Monte Carlo simulation program that estimates the value of a parameter by using some random variables. You know through the

You are trying out a Monte Carlo simulation program that estimates the value of a parameter by using some random variables. You know through the data that the exact value should be 50.

You ran the program three times, and it gave you three values: 60, 61, and 62.

Based on these values, answer the following questions:

A. How precise is the program in making the estimates?

B. How accurate are the estimates?

C. Are the values generated by the program more accurate or more precise?

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