1. There are six combinations, or samples, of two grand prizes that can be randomly selected from the four grand prizes 20, 40, 60, and 80 thousand dollars. Four of these samples are (20, 40), (20, 60), (20, 80), and (40, 60). Find the other two samples.
2. Find the mean of each sample in Exercise 7.12.
3. Find the probability distribution of the population of six sample mean grand prizes.
4. If you select two envelopes, what is the probability that you will receive a sample mean grand prize of at least 50 thousand dollars?
5. Compare the probability distribution of the four individual grand prizes with the probability distribution of the six sample mean grand prizes. Would you select one or two envelopes? Why? Note: There is no one correct answer. It is a matter of opinion.
Text Book: Business Statics in Practice By BOWERMAN.