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StatisticsQ&A LibraryThe assets (in billions of dollars) of the four wealthiest people in a particular country are 32, 25, 15, 13, Assume that samples of size nthis population of four values.2 are randomly selected with replacement froma. After identifying the 16 different possible samples and finding the mean of each sample, construct a table representing the sampling distribution of the sample mean. In the tablevalues of the sample mean that are the same have been combined.ProbabilityProbability3228.52523.522.52019151413(Type integers or fractions.)Question

Asked Apr 10, 2019

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Step 1

**Sample means:**

The following table lists the possible samples with replacement, from the four given observations, along with the sample mean for each sample:

Step 2

**Sampling distribution:**

Observe that, there are a total of 16 possible samples. In the 16 samples, the mean 28.5 occurs 2 times. So, the probability of 28.5 is 2/16 = 1/8.

Similarly, each of the means 23.5, 22.5, 20, 19 and 14 occurs 2 times in 16 samples, so that the probability of getting each of these means is 1/8.

Thus, there are 6 cases of probability 1/8.

Now, each of the means 32, 25, 15 and 13 occur once each, in the 16 ...

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