Question
The assets (in billions of dollars) of the four wealthiest people in a particular country are 47, 35, 24, 15. Assume that samples of size
The assets (in billions of dollars) of the four wealthiest people in a particular country are
47, 35, 24, 15. Assume that samples of size 2 are randomly selected with replacement from this population of four values.
a. After listing the possible samples and finding the mean of each sample, use a table to describe the sampling distribution of the sample means.
x Probability x Probability
47 _____ 29.5 _____
41 _____ 25 _____
35.5 _____ 24 _____
35 _____ 19.5 _____
31 _____ 15 _____
(Type integers or fractions.)
b. Find the mean of the sampling distribution.
The mean of the sample means is _____ (round to two decimal places as needed.)
c. Is the mean of the sampling distribution (from part b) equal to the mean of the population of the four listed values? If so, are those means always equal?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started