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

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

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The assetsâ€‹ (in billions ofâ€‹ dollars) of the four wealthiestpeople in a particular country are 37, 35, 31, 18. Assume thatsamples of size n=2 are randomly selected with replacement fromthis population of four values. a. After identifying the 16different possible samples and finding the mean of eachâ€‹ sample,construct a table representing the sampling distribution of thesample mean. In theâ€‹ table, values of the sample mean that are thesame have been combined.
_
x probability
37
36
35
34
33
31
27.5
26.5
24.5
18
b. Compare the mean of the population to the mean of thesampling distribution of the sample mean.
Mean of population is? Sample mean is?
c. Do the sample means target the value of the populationâ€‹ mean?Inâ€‹ general, do sample means make good estimates of populationâ€‹means? Why or whyâ€‹ not?
The sample means target/do not target the population mean. Inâ€‹general, sample means do/do not make good estimates of populationmeans because the mean is an unbiased/ a biased estimator.

Answer & Explanation Solved by verified expert

3.7 Ratings (407 Votes)

Since all 16 samples are equally likely so probability ofselecting each sample is 116 025Following table shows the all possible 16 samples there meanand corresponding See Answer

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