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Social ScienceThe assets (in billions of dollars) of the four wealthiest people in a particular country are 32, 25, 15, 13. Assume that samples of size n= 2 are randomly selected with replacement fromthis 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 mean. In the table,values of the sample mean that are the same have been combined.ProbabilityProbability3228.52523.522.52019151413(Type integers or fractions.)Enter your answer in the edit fields and then click Check Answer.partsremainingClear AllCheck AnswerActivate Windows
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The assets (in billions of dollars) of the four wealthiest people in a particular country are 32, 25, 15, 13. 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 mean. In the table, values of the sample mean that are the same have been combined. Probability Probability 32 28.5 25 23.5 22.5 20 19 15 14 13 (Type integers or fractions.) Enter your answer in the edit fields and then click Check Answer. parts remaining Clear All Check Answer Activate Windows
Expert Answer
Sample means:
The following table lists the possible samples with replacement, from the four given observations, along with the sample mean for each sample:
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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