The assets (in billions of dollars) of the four wealthiest people in a particula

Question

The assets (in billions of dollars) of the four wealthiest people in a particular country are 27, 25, 21, 14. 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 smaple mean that are the same have been combined.

sample mean prob sample mean prob 27-27 27 21-21 21 27-25 26 14-27 20.5 25-25 25 14-25 19.5 27-21 24 14-21 17.5 25-21 23 14-14 14

Explanation / Answer

The outcomes are

Hence, we divide each frequncy of the mean by 16 to get

[ANSWER]

x1 x2 Mean 27 27 27 27 25 26 27 21 24 27 14 20.5 25 27 26 25 25 25 25 21 23 25 14 19.5 21 27 24 21 25 23 21 21 21 21 14 17.5 14 27 20.5 14 25 19.5 14 21 17.5 14 14 14

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