Question: 4.59 Explain what happens when the sample size gets large. Consider the following scenarios: (1) You take a sample of two observations on a random
4.59 Explain what happens when the sample size gets large. Consider the following scenarios: (1)
You take a sample of two observations on a random variable and compute the sample mean, (2) you take a sample of 100 observations on the same random variable and compute the sample mean, (3) you take a sample of 1000 observations on the same random variable and compute the sample mean. Explain in simple language how close you expect the sample mean to be to the mean of the random variable as you move from Scenario 1 to Scenario 2 to Scenario 3.
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