The assets in billions of dollars of the four wealthiest peo

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.

Probability

X Probabity

37_________ 24________

34.5________ 23_________

32__________ 16_________

26.5__________ 15__________

25.5_________ 14___________

Probability

X Probabity

For the samples of size 2, consider the table:

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

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 sele

The assets in billions of dollars of the four wealthiest peo

Solution

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