1. World's Richest. Each year, Forbes magazine publishes a list of the world's richest people. In 2009, the six richest people, their citizenship, and their wealth (to the nearest billion dollars) Name Citizenship Wealth ($ billion) Willlam Gate (G) Warren Buffett (B) Carlos Slim Helu (H) Lawrence Ellison (E) Karl Albrecht (A) United States 40 United States 38 Mexico 35 United States 23 Sweden 22 Ingvar Kamprad (K) Germany 22 a. Calculate the mean wealth, µ, of the six people. b. For samples of size 2, construct a table and calculate the means for samples of size 2. c. For a random sample of size 2, what is the chance that the sample mean will equal the population mean?
1. World's Richest. Each year, Forbes magazine publishes a list of the world's richest people. In 2009, the six richest people, their citizenship, and their wealth (to the nearest billion dollars) Name Citizenship Wealth ($ billion) Willlam Gate (G) Warren Buffett (B) Carlos Slim Helu (H) Lawrence Ellison (E) Karl Albrecht (A) United States 40 United States 38 Mexico 35 United States 23 Sweden 22 Ingvar Kamprad (K) Germany 22 a. Calculate the mean wealth, µ, of the six people. b. For samples of size 2, construct a table and calculate the means for samples of size 2. c. For a random sample of size 2, what is the chance that the sample mean will equal the population mean?
Chapter9: Sequences, Probability And Counting Theory
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Transcribed Image Text:1. World's Richest. Each year, Forbes magazine publishes a list of the world's richest people. In
2009, the six richest people, their citizenship, and their wealth (to the nearest billion dollars)
Wealth ($ billion)
Citizenship
United States
Name
Willlam Gate (G)
Warren Buffett (B)
Carlos Slim Helu (H)
40
United States
38
Мexico
35
United States
Lawrence Ellison (E)
Karl Albrecht (A)
23
Sweden
22
Ingvar Kamprad (K)
Germany
22
a. Calculate the mean wealth, µ, of the six people.
For samples of size 2, construct a table and calculate the means for samples of size 2.
c. For a random sample of size 2, what is the chance that the sample mean will equal the
population mean?
d. For a random sample of size 2, determine the probability that the mean wealth of the two
people obtained will be within 2 (i.e., $2 billion) of the population mean. Interpret your result in
terms of percentages.
b.
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