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Chapter 7: Q.7.22 (page 296)

America's Riches. Each year, Forbes magazine publishes a list of the richest people in the United States. As of September l6, 2013, the six richest Americans and their wealth (to the neatest billion dollars) are as shown in the following table. Consider these six people a population of interest.

(a) For sample size of 6construct a table similar to table 7.2 on page293 what is the relationship between the only possible sample here and the population?

(b) For a random sample of size 6determine the probability that themean wealth of the two people obtained will be within 3(i.e,3 billion) of the population mean. interpret your result in terms of percentages.

Short Answer

Expert verified

(a)

The relationship between the only possible sample here and the population is that both are equal.

(b) There is 100%chance that the mean wealth of the six people will be within 3billion of the population mean.

Step by step solution

01

Part (a) Step 1: Given Information 

Given in the question that,

we have to construct a table for sample size6

02

Part (a) Step2 : E xplanation

The sample size of 6and the corresponding means are obtained as shown in the below table :

The relationship between the only possible sample here and the population is that both are equal.

03

Part (b) Step 1: Given Information 

Given in the question that,

we have to deterrmine the probability that xis within 3billion of渭.

04

Part(b) Step 2: Explanation 

We have to obtain P(渭-3鈮�x炉鈮�渭+3)

P(渭-3鈮�x炉鈮�渭+3)=P(46.5-3鈮�x炉鈮�46.5+3)

=P(43.5鈮�x炉鈮�49.5)

=11=1

Therefore, the probability that xis within 3billion of渭is1.

Interpretation:

There is100%chance that the mean wealth of the six people will be within 3billion of the population mean.

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