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6. The assets​ (in billions of​ dollars) of the four wealthiest people in a particular country...

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Statistics

6. The assets​ (in billions of​ dollars) of the four wealthiestpeople in a particular country are 39,35,15,14. Assume that samplesof size n=2 are randomly selected with replacement from thispopulation of four values

a. After identifying the 16 different possiblesamples and finding the mean of each​ sample, construct a tablerepresenting the sampling distribution of the sample mean. In the​table, values of the sample mean that are the same have beencombined.

                         X

Probability

39

37

35

27

26.5

(Type integers or​ fractions.)

X

Probability

25

24.5

15

14.5

14

(Type integers or​ fractions.)

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

The mean of the​ population, ____ is, (greater than/lessthan/equal to) the mean of the sample​ means, ___.

​(Round to two decimal places as​ needed.)

c. Do the sample means target the value of thepopulation​ mean? In​ general, do sample means make good estimatesof population​ means? Why or why​ not?

The sample means (Do Not target/target) the population mean. In​general, sample means (Do/ Do Not) make good estimates ofpopulation means because the mean is (an unbiased/ a biased)estimator

Answer & Explanation Solved by verified expert
4.5 Ratings (636 Votes)
a X Probability 39 PX1 39 X2 39 14 14 116 37 PX1 39 X2 35 PX1 35 X2 39 14 14 14 14 18 35 PX1 35 X2 35 14 14 116 27 PX1 39 X2 15 PX1 15 X2 39 14 14 14 14 18    See Answer
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