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Consider the Population Described by the Probability Distribution Below x024p(x)131313\begin{array}{c|c|c|c}x & 0 & 2 & 4 \\\hline p(x) & \frac{1}{3} & \frac{1}{3} & \frac{1}{3}\end{array}

question 3

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Consider the population described by the probability distribution below. x024p(x)131313\begin{array}{c|c|c|c}x & 0 & 2 & 4 \\\hline p(x) & \frac{1}{3} & \frac{1}{3} & \frac{1}{3}\end{array}

a. Find μ\mu .
b. Find the sampling distribution of the sample mean for a random sample of n=3n = 3 measurements from this distribution. c. Find the sampling distribution of the sample median for a random sample of n=3n = 3 observations from this population.
d. Show that both the mean and the median are unbiased estimators of μ\mu for this population.
e. Find the variances of the sampling distributions of the sample mean and the sample median.
f. Which estimator would you use to estimate μ\mu ? Why?


Definitions:

Complementary Resources

Different types of goods or services that, when used together, enhance each other's value and performance.

Market Value

The ongoing rate at which a commodity or service can be traded in the public market.

Productivity

The measurement of efficiency in which goods and services are produced, often assessed by the amount of output per unit of input.

Marginal Revenue Product Curve

A graphical representation showing how the addition of one more unit of a resource affects the total revenue.

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