To understand the long-run implications of the Schumpeterian model of creative destruction we made use of the mathematical concept of Law of Large Numbers”. Please take a look at the (https://en.wiki
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To understand the long-run implications of the Schumpeterian model of creative destruction we made use of the mathematical concept of Law of Large Numbers”. Please take a look at the (
https://en.wikipedia.org/wiki/Law_of_large_numbers
) for a quick review. As I showed in class, this concept can be understood using simulations. Please simulate 1000 coin tosses using Excel (hint: create a random variable with 1 being equal to one side of the coin and 0 being equal to the other side, and create a column with 1000 rows/tosses) and show that the expected value converges to 0.5. Provide a plot and the Excel file with your equations.
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