Repeat parts (b)–(e) of Exercise 7.17 for samples of size 1.

Exercise 7.17

Each year, Forbes magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest.

a. For samples of size 2, construct a table similar to Table 7.2. (There are 15 possible samples of size 2.)

b. Draw a dotplot for the sampling distribution of the sample mean for samples of size 2.

c. For a random sample of size 2, what is the chance that the sample mean will equal the population mean?

d. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 3 (i.e., $3 billion) of the population mean. Interpret your result in term of percentages.

Transcribed Image Text:

Person Bill Gates (G) Warren Buffett (B) Larry Ellison (E) Charles Koch (C) David Koch (D) Christy Walton (W) Wealth ($ billions) 72 9 = 36 36 35 59 41