Question: A random sample of size 8 is taken from a Exp() distribution, where is unknown. The sample values are 2.74, 6.41, 4.96, 1.65, 6.38,

A random sample of size 8 is taken from a Exp(λ) distribution, where λ is unknown. The sample values are 2.74, 6.41, 4.96, 1.65, 6.38, 0.19, 0.52, and 8.38. This exercise shows how to use the bootstrap to estimate the bias and uncertainty (σ_λ̂) in λ̂ = 1/X̅.

a. Compute λ̂ = 1/X̅ for the given sample.

b. Estimate the bias and uncertainty (λ̂ ^*₁) in λ̂ .

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