Problem 4 (counts as two problems): Let X1, X2, ., X„be a collection of independent discrete random variables that all take the value 1 with probability p and take the value 0 with probability (1-p). The following set of steps illustrates the Law of Large Numbers at work. Compute the mean and fV (which in fô-tcx, +x omnute themaan n ved in theninatnses of X.. c) Suppose n = 10,000. Use Chebyshev's inequality to provide an upper bound for the probability that the difference between p and p exceeds 0.05.

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Problem 4 (counts as two problems): Let X1, X2, ., X„be a collection of independent discrete random variables
that all take the value 1 with probability p and take the value 0 with probability (1-p). The following set of steps
illustrates the Law of Large Numbers at work.
Compute the mean and
fV (which in
fô-tcx, +x
omnute themaan n
ved in theninatnses of X..
c) Suppose n = 10,000. Use Chebyshev's inequality to provide an upper bound for the probability that the
difference between p and p exceeds 0.05.
Transcribed Image Text:Problem 4 (counts as two problems): Let X1, X2, ., X„be a collection of independent discrete random variables that all take the value 1 with probability p and take the value 0 with probability (1-p). The following set of steps illustrates the Law of Large Numbers at work. Compute the mean and fV (which in fô-tcx, +x omnute themaan n ved in theninatnses of X.. c) Suppose n = 10,000. Use Chebyshev's inequality to provide an upper bound for the probability that the difference between p and p exceeds 0.05.
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