Five companies make up the steel industry in the US. Last years sales for each of the

Question:

Five companies make up the steel industry in the US. Last year’s sales for each of the companies (in $millions) are shown below:

a. Show all 10 equally likely samples of size three that could be selected from this company population.

b. Calculate the mean sales for each of the 10 samples.

c. Produce a table showing the relative frequency distribution for these sample means and draw the corresponding bar chart.

d. According to the distribution you produced in part c, if you were to choose a simple random sample of size three from the company population, how likely is it that the mean sales for the sample would be $110 million? How likely is it that the mean would be $110 million or more?

Distribution
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