Question

1.Each year, a magazine publishes a list of the richest people in a country. In the last year’s issue, the six richest people and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest.

Person                Wealth ($ billions)

A                         66

B                          57

C                         43

D                          38

E                          38

F                          32

a. Calculate the mean wealth, µ, of the six people. (Round to one decimal place)

b. For samples of size 2, construct a table of all possible samples and their sample means.

c. Find the mean of the sample means.

2.Mobile Homes. According to the U.S Census bureau publication Manufactured Housing Statistics, the mean price of new mobile homes is $65,100. Assume a standard deviation of $7200. Let x denote the mean price of a sample of new mobile Homes.

a. For samples of size 50, find the mean and standard deviation of x

b. Repeat part a with n = 100

Answer 1