Suppose you are sampling from a population with mean µ = 1,065 and standard deviation σ = 500. The sample size is n = 100. What are the expected value and the variance of the sample mean µ?
Answer to relevant QuestionsSuppose you are sampling from a population with population variance σ2 = 1,000,000. You want the standard deviation of the sample mean to be at most 25. What is the minimum sample size you should use? The average value of $1.00 in euros in early 2007 was 0.76. If σ = 0.02 and n = 30, find P(0.72 < x̄ < 0.82). Explain why we need to draw random samples and how such samples are drawn. What are the properties of a (simple) random sample? Which of the following estimators are unbiased estimators of the appropriate population parameters: x̄, P-hat, S2, S? Explain. The daily number of visitors to a Web site follows a normal distribution with mean 15,830 and standard deviation 458. The average number of visitors on 10 randomly chosen days is computed. What is the probability that the ...
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