Question
In: Statistics and Probability
The assets (in billions of dollars) of the four wealthiest people in a particular country are...
The assets (in billions of dollars) of the four wealthiest people in a particular country are 43,35, 22,15. 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 Probability
43 __ 28.5 __
39 __ 25 __
35 __ 22 __
32.5 __ 18.5 __
29 __ 15 __
Solutions
Expert Solution
a)
x Probability
43 P(43,43) = 1/4 * 1/4 = 1/16
39 P(43,35) = 2 * 1/4 * 1/4 = 1/8
35 P(35,35) = 1/4 * 1/4 = 1/16
32.5 P(43,22) = 2 * 1/4 * 1/4 = 1/8
29 P(43,15) = 2 * 1/4 * 1/4 = 1/8
28.5 P(35,22) = 2 * 1/4 * 1/4 = 1/8
25 P(35,15) = 2 * 1/4 * 1/4 = 1/8
22 P(22,22) = 1/4 * 1/4 = 1/16
18.5 P(22,15) = 2 * 1/4 * 1/4 = 1/8
15 P(15,15) = 1/4 * 1/4 = 1/16
orchestra answered 2 years agoRelated Solutions
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