The following information gives the number of days absent from work for a population of 5 workers at a small factory. 
a.Find the mean and the standard deviation for the population.
b.Samples of size 2 will be drawn from the population. Use the answers in part a to calculate the expected value and the standard deviation of the sampling distribution of the sample mean.
c.Find all the samples of 2 workers that can be extracted from this population. Choose the samples without replacement.
d.Compute the sample mean 
for each of the samples in Part c.
Definitions:
Perfect Information
A situation in which all participants have access to all relevant information, typically assumed in economic models to facilitate optimal decision-making.
Expected Value
The anticipated value of a variable, computed as the sum of all possible values each multiplied by the probability of its occurrence.
Decision Table
A decision table is a tabular method for representing and analyzing logical relationships between conditions and actions, making it a useful tool for decision-making processes.
Q19: Refer to Exhibit 5-8. The appropriate probability
Q20: Refer to Exhibit 6-9. What is the
Q25: The daily production rates for a sample
Q27: Refer to Exhibit 5-5. The expected value
Q35: Six hundred consumers were asked whether they
Q46: In general, higher confidence levels provide<br>A)wider confidence
Q53: A normal probability distribution<br>A)is a continuous probability
Q54: Ahmadi, Inc. has been manufacturing small
Q67: Refer to Exhibit 10-10. The 95% confidence
Q69: Geometric mean of five observations is<br>A)the same