The assets (in billions of dollars) of the four wealthiest people in a particular country are 45, 28, 21, 18. 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 Probability X 45 36.5 33 31.5 28 (Type integers or fractions.) x 24.5 23 21 19.5 18

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The assets (in billions of dollars) of the four wealthiest people in a particular country are 45, 28, 21, 18. 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.

| \(\bar{x}\)  | Probability |
|--------------|-------------|
| 45           |             |
| 36.5         |             |
| 33           |             |
| 31.5         |             |
| 28           |             |
| 24.5         |             |
| 23           |             |
| 21           |             |
| 19.5         |             |
| 18           |             |

(Type integers or fractions.)
Transcribed Image Text:The assets (in billions of dollars) of the four wealthiest people in a particular country are 45, 28, 21, 18. 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. | \(\bar{x}\) | Probability | |--------------|-------------| | 45 | | | 36.5 | | | 33 | | | 31.5 | | | 28 | | | 24.5 | | | 23 | | | 21 | | | 19.5 | | | 18 | | (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 population, \(\mu\), is [textbox] [dropdown] the mean of the sample means, [textbox].  
(Round to two decimal places as needed.)

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?**

The sample means [dropdown] the population mean. In general, sample means [dropdown] make good estimates of population means because the mean is [textbox] estimator.
Transcribed Image Text:b. **Compare the mean of the population to the mean of the sampling distribution of the sample mean.** The mean of the population, \(\mu\), is [textbox] [dropdown] the mean of the sample means, [textbox]. (Round to two decimal places as needed.) 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?** The sample means [dropdown] the population mean. In general, sample means [dropdown] make good estimates of population means because the mean is [textbox] estimator.
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