The assets (in billions of dollars) of four wealthiest people in the specific country are 37, 34, 27, 19. Suppose that samples of size n = 2 are randomly chosen with replacement from this population of four values.
After determining the 16 different possible samples and determining the mean of each sample, develop 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.
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Probability
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Probability
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37
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28
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35.5
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27
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34
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26.5
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32
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23
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30.5
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19
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Compare the mean of the population to the mean of the sampling distribution of the sample mean.
Do the sample means target the value of the population mean? In general, do sample means make good estimates of population means Why or Why not?