# 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.

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.

## Answer to relevant Questions

Repeat parts (b)–(e) of Exercise 7.17 for samples of size 1. 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 ...Suppose that a sample is to be taken without replacement from a finite population of size N. If the sample size is the same as the population size, a. How many possible samples are there? b. What are the possible sample ...Refer to Exercise 7.6 on page 283. Population data: 3, 4, 7, 8. a. Use your answers from Exercise 7.6(b) to determine the mean, μx-bar, of the variable x-bar, for each of the possible sample sizes. b. For each of the ...Repeat parts (b) and (c) of Exercise 7.41 for samples of size 3. For part (b), use your answer to Exercise 7.13(b). b. Consider samples of size 2 without replacement. Use your answer to Exercise 7.11(b) on page 284 and ...According to The Earth: Structure, Composition and Evolution (The Open University, S237), for earthquakes with a magnitude of 7.5 or greater on the Richter scale, the time between successive earthquakes has a mean of 437 ...Post your question

0