Q The assets in billions of dollars of the four wealthiest p

Q. The assets (in billions of dollars) of the four wealthiest people in a particular country are 40, 29, 24, 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.

x	Probability	x	Probability
40		26.5
34.5		24
32		23
29		20.5
28.5		17

Solution

x Probability x Probability 40 when we choose 40 at 1st and again 40 at 2nd = 1/16+1/16 = 2/16 26.5 when we choose 29 at 1st and 24 at second or vice versa = 2/16+2/16 = 2/8 =1/4 34.5 when we choose 29 at 1st and 40 at second or vice versa = 2/16+2/16 = 2/8 =1/4 24 when we choose 24 both the times = 1/16+1/16 = 2/16 32 when we choose 40 at 1st and 24 at second or vice versa = 2/16+2/16 = 2/8 =1/4 23 when we choose 29 at 1st and 17 at second or vice versa = 2/16+2/16 = 2/8 =1/4 29 when we choose 29 both the times = 1/16+1/16 = 1/8 20.5 when we choose 24 at 1st and 17 at second or vice versa = 2/16+2/16 = 2/8 =1/4 28.5 when we choose 40 at 1st and 17 at second or vice versa = 2/16+2/16 = 2/8 =1/4 17 = when we choose two times 17 = 1/16+1/16 = 1/8