Question

The assets​ (in billions of​ dollars) of the four wealthiest people in a particular country are 43, 25, 24, 11. 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.
x̅ Probability
43 ______
34 ______
33.5 ______
27 ______
25 ______

x̅ Probability
24.5 ______
24 ______
18. ______
17.5 ______
11 ______

b.Compare the mean of the population to the mean of the sampling distribution of the sample mean.
The mean of the population____is___the mean of the same means__.

Answer 1

hEY i HAVE USED EXCEL FOR THIS.

GENERATED RANDOM SAMPLES OF SIZE TWO USING FUNCTION RANDBETWEEN()

THIS IS SAMPLING DISTRIBUTION OF SAMPLE MEANS

SAMPLE NO.	MEAN
1	24.5
2	11
3	34
4	33.5
5	34
6	24
7	24.5
8	24
9	17.5
10	18
11	24
12	33.5
13	34
14	11
15	34
16	18
AVERAGE	24.96875

BELOW IS THE POPULATION MEAN

POPULATION VALUES
serial	value
1	43
2	25
3	24
4	11
MEAN	25.75