Question: Consider the percent change in revenues for the five largest

Consider the percent change in revenues for the five largest soap and cosmetics firms as shown in Table 8.6.3. View this list as a (very small!) population with just N = 5 units. Consider drawing samples of size n = 2.
a. Make a list of all possible samples of size 2 that might be chosen. (Hint: There are 10 such samples.) For each sample, find the average.
b. Construct a histogram of the 10 sample averages from part a. This is the sampling distribution of the sample average.
c. Select a random-sample of size 2 from the population by starting with the number in row 26, column 4 of the table of random digits. Find the sample average.
d. Indicate where the average (from part c) falls with respect to the sampling distribution (from part b).
e. Write a paragraph explaining how “drawing a random sample from the population and finding the average” gives essentially the same result as “drawing a number from the sampling distribution of the average.”


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  • CreatedNovember 11, 2015
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