Three Randomly Selected Households Are Surveyed as a Pilot Project

question 9

Essay

Three randomly selected households are surveyed as a pilot project for a larger survey to be conducted later. The numbers of people in the households are 5, 7, and 9. Consider the
values of 5, 7, and 9 to be a population. Assume that samples of size n = 2 are randomly
selected with replacement from the population of 5, 7, and 9. The nine different samples are
as follows: (5, 5), (5, 7), (5, 9), (7, 5), (7, 7), (7, 9), (9, 5), (9, 7), and (9, 9). (i)Find the mean
of each of the nine samples, then summarize the sampling distribution of the means in the
format of a table representing the probability distribution. (ii)Compare the population mean
to the mean of the sample means. (iii)Do the sample means target the value of the
population mean? In general, do means make good estimators of population means? Why or
why not?

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Definitions:

Layoff Cost

The expenses incurred by a company when reducing its workforce, including severance pay, benefits continuation, and potential legal costs.

Hiring And Training Cost

(new definition) Reflects the financial outlays involved in attracting, selecting, and enhancing the skills of employees to fulfill organizational roles.

Labor Hours

The total number of work hours contributed by employees in a given period, often used as a measure of production, efficiency, and labor cost.

Inventory Holding Cost

The total cost associated with storing unsold goods, including storage, insurance, taxes, depreciation, and opportunity costs.