Question: Two. Consider a population described by a uniform distribution between 0 and 1. That is, each observation in the random sample is a random number
Two. Consider a population described by a uniform distribution between 0 and 1. That is, each observation in the random sample is a random number between 0 and 1. Use Excel to create a random sample where you have a sample size N=5. What is the resulting sample mean X ? In this example, what is the population mean ? Given your estimate in part b) above, did you overestimate or underestimate the population mean? Repeat exercises a) and b) four more times, recording your new sample means. How do these compare to the population means? How does the sampling distribution of sample means resulting from samples of size N=5 compare to the sampling distribution of sample means resulting from sample of size N=500? A brief description in words is sufficient to answer this
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