Consider a Population of Five Families with the Following Data

question 113

Essay

Consider a population of five families with the following data representing the number of pets in each family. ​
a.
Determine the mean and the variance of the population.
b.
There are ten possible samples of size 2 (sampling without replacement).List the 10 possible samples of size 2, and determine the mean of each sample.
c.
Using the ten sample mean values, compute the mean and the standard deviation from the mean determined.

---

Definitions:

Reasonably Possible

A term used to describe the likelihood of an event occurring that is more than remote but less than probable, often used in financial reporting.

Not Estimable

A term indicating that something cannot have its value, size, or amount accurately determined or calculated.

Contingent Liability

A potential financial obligation that may arise in the future, depending on the occurrence or non-occurrence of one or more uncertain events.

Probable

A term often used in accounting and finance to describe an event or action that is likely to occur based on current evidence.