Provide an Appropriate Response $\mu$ , of the Variable $n = 3$

question 56

Essay

Provide an appropriate response.
-Population data: 4, 5, 8, 9. a. Find the mean, $\mu$ , of the variable. b. Use the population data below to construct a table giving the sample means of sample size $n = 3$ . c. Draw a dotplot for the sampling distribution of the sample mean. d. Find the probability that the sample mean will equal the population mean. e. Find the probability that the sampling error made in estimating the population mean by the sampling mean will be $0.5$ or less (in magnitude), that is, that the absolute value of the difference between the sample mean and the population mean is at most $0.5$ .

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Definitions:

Perpetual Inventory

A method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Retail Inventory Method

An accounting method used to estimate the ending inventory balance of a retail store by applying a cost-to-retail price ratio to the sales for the period.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position, including assets, liabilities, and shareholders' equity at a specific point in time.

Gross Profit Method

An inventory estimation technique that uses the historical gross profit margin to estimate the cost of goods sold and ending inventory.