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 35, 34, 28, 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 Probability Probability 35 34.5 34 31.5 31 28 26 25.5 22.5 17 (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, (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 IS Vthe mean of the sample means ?| the population mean. In general, sample means | ?| make good estimates of population means because the mean is V estimator

Explanation / Answer

for total number of samples =4*4=16

hence probability of each sample =1/16

from above:

b)

mean of the population =28.5 is equal to the mean of the sample means =28.5

c)

the sample means target the population mean in general......sample mean do make good estimators......mean is unbiased estimator.

xbar probability xbar probability 35    1/16 28    1/16 34.5    1/8 26    1/8 34    1/16 25.5    1/8 31.5    1/8 22.5    1/8 31    1/8 17    1/16

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