The assets (in billions of dollars) of the four wealthiest people in a particular country are 38, 27, 26, 17. Assume that samples of sizen=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 Probability 38 26.5 32.5 26 32 22 27.5 21.5 27 17 (Type integers or fractions.)
The assets (in billions of dollars) of the four wealthiest people in a particular country are 38, 27, 26, 17. Assume that samples of sizen=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 Probability 38 26.5 32.5 26 32 22 27.5 21.5 27 17 (Type integers or fractions.)
The assets (in billions of dollars) of the four wealthiest people in a particular country are 38, 27, 26, 17. Assume that samples of sizen=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 Probability 38 26.5 32.5 26 32 22 27.5 21.5 27 17 (Type integers or fractions.)
The assets (in billions of dollars) of the four wealthiest people in a particular country are 38, 27, 26, 17.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.
Transcribed Image Text:The assets (in billions of dollars) of the four wealthiest people in a particular country are 38, 27, 26, 17. 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.
T IT
Probability
Probability
38
26.5
32.5
26
32
22
27.5
21.5
27
17
(Type integers or fractions.)
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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