Question
Each year, a magazine publishes a list of the richest people in a country. In the last year's issue, the six richest people and their
Each year, a magazine publishes a list of the richest people in a country. In the last year's issue, the six richest people and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest. Complete parts (a) through (e) below.
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Part 1
a. Calculate the mean wealth,
,
of the six people.
=$enter your response here
billion
(Round to one decimal place as needed.)
Part 2
b. For samples of size 2, construct a table of all possible samples and their sample means.
Sample | Wealths | x | Sample | Wealths | x | Sample | Wealths | x | ||
---|---|---|---|---|---|---|---|---|---|---|
A, B | 68, 57 | enter your response here | B, C | 57, 41 | enter your response here | C, E | 41, 39 | enter your response here | ||
A, C | 68, 41 | enter your response here | B, D | 57, 39 | enter your response here | C, F | 41, 34 | enter your response here | ||
A, D | 68, 39 | enter your response here | B, E | 57, 39 | enter your response here | D, E | 39, 39 | enter your response here | ||
A, E | 68, 39 | enter your response here | B, F | 57, 34 | enter your response here | D, F | 39, 34 | enter your response here | ||
A, F | 68, 34 | enter your response here | C, D | 41, 39 | enter your response here | E, F | 39, 34 | enter your response here |
(Type integers or decimals. Do not round.)
Part 4d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean?The probability is
enter your response here.
(Round to three decimal places as needed.)
Part 5e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within
1
($1
billion) of the population mean.The probability is
enter your response here.
(Round to three decimal places as needed.)
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