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 37, 32, 16, 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 sample mean that are the same have been combined.   

x

Probability

                      X Probabity

37_________                      24________

34.5________                     23_________

32__________                    16_________

26.5__________                 15__________

25.5_________                   14___________

x

Probability

                      X Probabity

Explanation / Answer

a)

For the samples of size 2, consider the table:

b)

For the means of each sample, consider the table:

Thus, summarizing,

Person 1 Person 2 37 37 37 32 37 16 37 14 32 37 32 32 32 16 32 14 16 37 16 32 16 16 16 14 14 37 14 32 14 16 14 14

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