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Local Content Laws Stipulate the Maximum Percentage of a Product's

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Local content laws stipulate the maximum percentage of a product's total value that must be produced domestically for that product to be sold domestically.


Definitions:

Probability Density Function

A Probability Density Function (PDF) is a function that describes the relative likelihood for a continuous random variable to take on a given value.

Expected Value

A statistical measure that calculates the average outcome of a random variable after many repetitions of an experiment.

Random Variable

A variable that can take numeric values, which are the results of a random event.

Mean

A measure of central tendency, calculated by adding all the values in a dataset and dividing by the number of values.

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