Simulate sampling from the population described in Exercise 5.1 by marking the values of x, one on

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Simulate sampling from the population described in Exercise 5.1 by marking the values of x, one on each of four identical coins (or poker chips, etc.). Place the coins (marked 0, 2, 4, and 6) into a bag, randomly select one, and observe its value. Replace this coin, draw a second coin, and observe its value. Finally, calculate the mean x for this sample of n = 2 observations randomly selected from the population (Exercise 5.1, part b). Replace the coins, mix, and using the same procedure, select a sample of n = 2 observations from the population. Record the numbers and calculate x for this sample. Repeat this sampling process until you acquire 100 values of x. Construct a relative frequency distribution for these 100 sample means. Compare this distribution to the exact sampling distribution of x found in part e of Exercise 5.1. [The distribution obtained in this exercise is an approximation to the exact sampling distribution. But, if you were to repeat the sampling procedure, drawing two coins not 100 times but 10,000 times, the relative frequency distribution for the 10,000 sample means would be almost identical to the sampling distribution of x found in Exercise 5.1, part e.]
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Statistics For Business And Economics

ISBN: 9780321826237

12th Edition

Authors: James T. McClave, P. George Benson, Terry T Sincich

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