The assets (in billions of dollars) of the 4 wealthiest people in a particular country are 38, 35, 27, 17. Assume that samples of size n = 2 are randomly selected with replacement from this population of 4 values. After identifying the 16 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. (Type integers or fractions.)

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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.