The assets (in billions of dollars) of the four wealthiest people in a particular country are 40, 29, 17, 15. Assume that samples of size n=2 are randomly selected with replacement from this population of four values. a. After identifying the 16 different possible samples and finding the mean of each sample, construct a table representing the sampling distribution of the sample mear In the table, values of the sample mean that are the same have been combined.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.