The assets (in billions of dollars) of the four wealthiest people in a particular country are 31, 28, 11, 10. Assume that samples of size n = 2 are randomly selected with replacement from this population of four values.

MATLAB: An Introduction with Applications
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For the last two fill in the blank in part C it is 

In general,sample means do or do not make good estimates 

because the mean is an unbiased or a biased estimator

The assets (in billions of dollars) of the four wealthiest people in a particular country are 31, 28, 11, 10. 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 each sample, construct a table
representing the sampling distribution of the sample mean. In the table, values of the sample mean that are the same
have been combined.
Probability
X
31
29.5
28
21
20.5
(Type integers or fractions.)
b. Compare the mean of the population to the mean of the sampling distribution of the sample mean.
the mean of the sample means,
The mean of the population,
(Round to two decimal places as needed.)
The sample means
population means be
9
is
c. Do the sample means target the value of the population mean? In general, do sample means make good estimates
of population means? Why or why not?
X
19.5
19
11
10.5
10
Probability
do not target
target
the population mean. In general, sample means
estimator.
make good estimates of
Transcribed Image Text:The assets (in billions of dollars) of the four wealthiest people in a particular country are 31, 28, 11, 10. 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 each sample, construct a table representing the sampling distribution of the sample mean. In the table, values of the sample mean that are the same have been combined. Probability X 31 29.5 28 21 20.5 (Type integers or fractions.) b. Compare the mean of the population to the mean of the sampling distribution of the sample mean. the mean of the sample means, The mean of the population, (Round to two decimal places as needed.) The sample means population means be 9 is c. Do the sample means target the value of the population mean? In general, do sample means make good estimates of population means? Why or why not? X 19.5 19 11 10.5 10 Probability do not target target the population mean. In general, sample means estimator. make good estimates of
The assets (in billions of dollars) of the four wealthiest people in a particular country are 31, 28, 11, 10. 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 each sample, construct a table
representing the sampling distribution of the sample mean. In the table, values of the sample mean that are the same
have been combined.
Probability
The mean of the population, is
(Round to two decimal places as ne
X
31
29.5
28
21
20.5
(Type integers or fractions.)
b. Compare the mean of the population to the mean of the sampling distribution of the sample mean.
the mean of the sample means,
c. Do the sample means target the v
of population means? Why or why n
X
19.5
19
11
10.5
10
The sample means
population means because the mea
greater than
less than
Probability
equal to
hean? In general, do sample means make good estimates
general, sample means
nator.
make good estimates of
Transcribed Image Text:The assets (in billions of dollars) of the four wealthiest people in a particular country are 31, 28, 11, 10. 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 each sample, construct a table representing the sampling distribution of the sample mean. In the table, values of the sample mean that are the same have been combined. Probability The mean of the population, is (Round to two decimal places as ne X 31 29.5 28 21 20.5 (Type integers or fractions.) b. Compare the mean of the population to the mean of the sampling distribution of the sample mean. the mean of the sample means, c. Do the sample means target the v of population means? Why or why n X 19.5 19 11 10.5 10 The sample means population means because the mea greater than less than Probability equal to hean? In general, do sample means make good estimates general, sample means nator. make good estimates of
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