
Exercises 7.11–7.23 are intended solely to provide concrete illustrations of the sampling distribution of the sample
7.22 America’s Richest. Repeat parts (b)–(e) of Exercise 7.17 for samples of size 6. What is the relationship between the only possible sample here and the population?
7.17 America’s Richest. Each year, Forbes magazine publishes a list of the richest people in the United States. As of September 16, 2013, the six richest Americans and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest.
Person | Wealth ($ billions) |
Bill Gates (G) | 72 |
Warren Buffett (B) | 59 |
Larry Ellison (E) | 41 |
Charles Koch (C) | 36 |
David Koch (D) | 36 |
Christy Walton (W) | 35 |
- a. Calculate the mean wealth, μ, of the six people.
- b. For samples of size 2, construct a table similar to Table 7.2 on page 310. (There are 15 possible samples of size 2.)
- c. Draw a dotplot for the sampling distribution of the sample mean for samples of size 2.
- d. For a random
sample of size 2, what is the chance that the sample mean will equal the population mean?
For a random sample of size 2, determine the

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