Last year, of business owners gave a holiday gift to their employees. A survey of business owners conducted this year indicates
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Answer:
This is the Law of <u>large</u> Numbers.
Step-by-step explanation:
The Law of Large numbers states that as the sample size is increased the sample mean value gets closer to the population mean.
That is, as <em>n</em> → ∞ the value of → μ.
For instance, the theoretical probability of getting a Heads in a toss of a coin is, 0.50.
To check this perform an experiment whether the coin is tossed 20 times.
The probability of heads will be somewhere near 0.50.
Now toss the coins 50 times.
The probability of heads will be now closer to 0.50.
Now toss the coins 100 times.
The probability of heads will be approximately equal to 0.50.
Thus, as the number of tosses was increased the probability of getting a head is closer tot he theoretical probability.
Thus, the complete statement is:
This is the Law of <u>large</u> Numbers.