Question

Each year, Forbes magazine publishes a list of the world's richest people. In 2009, the six richest people, their citizenship, and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest.
a. Calculate the mean wealth, μ, of the six people.
b. For samples of size 2, construct a table similar to Table 7.2. (There are 15 possible samples of size 2.)
c. Draw a dotplot for the sampling distribution of the sample mean for samples of size 2.
d. For a random sample of size 2, what is the chance that the sample mean will equal the population mean?
e. For a random sample of size 2, determine the probability that the mean wealth of the two people obtained will be within 2 (i.e., $2 billion) of the population mean. Interpret your result in terms of percentages.


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  • CreatedAugust 13, 2015
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