Explain how the Law of Large Numbers combines with the General Definition

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Mathematics

Description

Explain how the "Law of Large Numbers" combines with the "General Definition" of Expected Value which uses an integral with limits of negative infinity to infinity.

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Explanation & Answer

The law of large numbers states that in a very large number of trials the percentage difference between  observed value and the expected value  becomes zero. The observed value may be less (negative) or more (positive) giving rise to a normal distribution. Also remember any normal distribution can be standardized to a N(0,1).


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