The assets (in billions of dollars) of the four wealthiest people in a particular country are 37,33,21,16. Assume the samples of size n=2 are randomly selected with replacement from this population of four values.
a) After listing 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 Mean Probability
37 ________
35 _________
33 _________
29 _________
27 _________
26.5 _________
24.5 _________
21 _________
18.5 _________
16 _________
(Type integers or fractions)
b. Find the mean of the sampling distribution. (Round to 2 decimal places as needed)
Answer: _____
c. Is the mean of the sampling distribution (from part b) equal to the mean of the population of the four listed values? If so, are those means always equal?