A measure of the long-run average value of a random variable used to represent the central location of a probability distribution is called a(n)________.
A)population variance
B)population standard deviation
C)expected value
D)coefficient of variation

Question

Quizplus · Accepted Answer

Expected value is defined as the long-run average value of a random variable and is used to represent the central location of a probability distribution. Population variance and population standard deviation represent the spread or variability of the distribution, and coefficient of variation is the measure of relative variability calculated by dividing the standard deviation by the mean.

A Measure of the Long-Run Average Value of a Random