The mean of the distribution of sample means is called the expected value of M. “Expected value is exactly what you might think it means intuitively: the return you can expect for some kind of action, like how many questions you might get right if you guess on a multiple-choice test.” (Source: https://www.statisticshowto.com/probability-and-statistics/expected-value/) If you decide to complete and respond to this thread, it will count as one of your replies for the week. Maybe you have considered buying a term life insurance policy. The expected value of any term life insurance product yields a positive expected value for the insurance company and a negative expected value for you, meaning the insurance company will make profits by selling their product. Would you still buy the term life insurance? Why or why not? Are there other examples other than insurance that uses this same concept?
The mean of the distribution of sample means is called the
If you decide to complete and respond to this thread, it will count as one of your replies for the week.
Maybe you have considered buying a term life insurance policy. The expected value of any term life insurance product yields a positive expected value for the insurance company and a negative expected value for you, meaning the insurance company will make profits by selling their product. Would you still buy the term life insurance? Why or why not? Are there other examples other than insurance that uses this same concept?
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