6 The assets (in billions of dollars) of the four wealthiestpeople in...

6. The assetsâ€‹ (in billions ofâ€‹ dollars) of the four wealthiest people in a particular country...

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6. The assetsâ€‹ (in billions ofâ€‹ 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 eachâ€‹ sample, construct a tablerepresenting the sampling distribution of the sample mean. In theâ€‹table, values of the sample mean that are the same have beencombined.
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â X
Probability
39
37
35
27
26.5
(Type integers orâ€‹ fractions.)
X
Probability
25
24.5
15
14.5
14
(Type integers orâ€‹ fractions.)
b. Compare the mean of the population to themean of the sampling distribution of the sample mean.
The mean of theâ€‹ population, __ is, (greater than/lessthan/equal to) the mean of the sampleâ€‹ means, _.
â€‹(Round to two decimal places asâ€‹ needed.)
c. Do the sample means target the value of thepopulationâ€‹ mean? Inâ€‹ general, do sample means make good estimatesof populationâ€‹ means? Why or whyâ€‹ not?
The sample means (Do Not target/target) the population mean. Inâ€‹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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Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â X	Probability
39
37
35
27
26.5