Concept of law of averages

Reference no: EM1386619

People in a large population average 60 inches tall. You will take a random sample and will be given a dollar for each person in your sample who is over 65 inches tall. For example, if you sample 100 people and 20 turn out to be over 65 inches tall, you get $20. Which is better: a sample of size 100 or a sample of size 1,000? Choose one and explain. Does the law of averages relate to the answer you give?

Reference no: EM1386619

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Concept of law of averages : if you sample 100 people and 20 turn out to be over 65 inches tall, you get $20. Which is better: a sample of size 100 or a sample of size 1,000? Choose one and explain. Does the law of averages relate to the answer you give?

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