Observations of an outcome of trail becomes larger

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The Law of Large Numbers means that as the number of observations of an outcome of a trail becomes larger, the running mean of the relative frequency of the outcome of interest appears to settle down to a constant value, the probability of the outcome. You have just flipped a fair coin 7 times getting all heads. Does the coin owe you a tail? The Law of Averages predicts you are due for a tail, but it is a myth. So, if using the same fair coin, no because the probability of a head on the next toss hasn’t changed. Is a good hitter in baseball who has struck out the last six times due for a hit his next time up? Select an option: The Law of Large Numbers predicts the hitter is due for a hit; this is an example of the Law of Averages. Yes, the hitter is not due for a hit; this is an example of the so-called Law of Averages. No, the hitter is not due for a hit; or The Law of Large Number predicts the hitter is not due for a hit.

Reference no: EM131973557

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