Consider a Population of 5 Families with the Following Data

question 55

Essay

Consider a population of 5 families with the following data representing the number of pets in each family. $$\begin{array} { l l } \text { Family } & \text { Number of Pets } \\\hline \text { A } & 2 \\\text { B } & 6 \\\text { C } & 4 \\\text { D } & 3 \\\text { E } & 1\end{array}$$ ​
a.
There are 10 possible samples of size 2 (sampling without replacement). List the 10 possible samples of size 2, and determine the mean of each sample.
b.
Determine the mean and the variance of the population.
c.
Using the 10 sample mean values, compute the mean and the standard error of the mean.
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Definitions:

Monopolist

A monopolist refers to a single supplier in a market who has significant control over the market price of a product or service due to the lack of competition.

Marginal Revenue

The incremental revenue obtained from the sale of an additional unit of a product or service.

Natural Monopoly

A market situation where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.

Substitutes

Alternative goods or services that can satisfy the same needs as another, often leading to a choice between the two based on price, convenience, or preference.