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 42, 30, 23, 15. Assume that samples of size 2 are randomly selected with replacement from this population of four values. a. After listing the possible samples and finding the mean of each sample, use a table to describe the sampling distribution of the sample means (Type integers or fractions.) b. Find the mean of the sampling distribution. The mean of the sample means is LI- (Round to two decimal places as needed.) c. Is the mean of the sampling distribution [from part (b)] equal to the mean of the population of me four listed values? If so, are those means always equal? A. No, the mean of the sample means is not equal to the mean of the population. These means are not always equal, because the mean is a biased estimator. B. Yes, the mean of the sample means is equal to the mean of the population- These means are always equal, because the mean is an unbiased estimator. C. Yes, the mean of the sample means is equal to the mean of the population. These means are always equal, because the mean is a biased estimator.

Solution

b.The mean of the sample mean is:

(42+36+…+15)/10

=27.5

c.Yes, the mean of the sample mean is equal to the population mean (42+30+23+15)/4=27.5 as the sample mean is an unbiased estimator of the population mean.