In the yeast and balloon experiment, the observed results typically include the inflation of the balloon attached to the bottle's opening. As fermentation occurs, carbon dioxide gas is produced by the yeast, causing the balloon to inflate. The size or volume of the inflated balloon can vary depending on factors like the concentration of sugar, the type of yeast used, and the duration of the experiment. Overall, the larger the balloon, the more carbon dioxide has been produced, indicating a higher rate of fermentation.