Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

LOADING...

Click the icon to view a list of the six richest people.

Question content area bottom

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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Analysis On Intervals

Authors: A D R Choudary, Constantin P Niculescu

1st Edition

8132221486, 9788132221487

More Books

Students also viewed these Mathematics questions

Question

Describe the concept of diversity and diversity management.

Answered: 1 week ago

Question

How does the EEOC define sexual harassment?

Answered: 1 week ago