Answer :

The measure of the long -run average value of a random variable used to represent the central location of a probability distribution is called an expected value E(x).

As given in the question,

Reason with explanation :

  • The Mean represents the central location of the random variable.
  • It represent the weighted average of the value taken by X.
  • Weight represents the probability distribution.
  • The expected average value of the many distributed value.
  • The average value of a random variable to represents the central location is called expected value.

Therefore, the measure of the long run average value of a random variable representing central location of the probability distribution is called the expected value.

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