The assets(in billions ofdollars) of the four wealthiest people in a particular country are 38,31,21,19. Assume that samples of size n=2 are randomly selected with replacement from this population of four values.

a. After identifying the 16 different possible samples and finding the mean of eachsample, construct a table representing the sampling distribution of the sample mean. In thetable, values of the sample mean that are the same have been combined.

x

Probability

x

Probability

38

nothing

26

nothing

34.5

nothing

25

nothing

31

nothing

21

nothing

29.5

nothing

20

nothing

28.5

nothing

19

nothing

(Type integers orfractions.)

b. Compare the mean of the population to the mean of the sampling distribution of the sample mean.

The mean of thepopulation,

nothing

, is

greater than

equal to

less than

the mean of the samplemeans,

nothing

.

(Round to two decimal places asneeded.)

c. Do the sample means target the value of the populationmean? Ingeneral, do sample means make good estimates of populationmeans? Why or whynot?

The sample means

target

do not target

the population mean. Ingeneral, sample means

do not

do

make good estimates of population means because the mean is

an unbiased

a biased

estimator.

Enter your answer in each of the answer boxes.