Solve the Problem. -Three Randomly Selected Households Are Surveyed as a Pilot Project

question 154

Essay

Solve the problem.
-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, 6, and 9. Consider the values of 5, 6, and 9 to be a population.
Assume that samples of size n = 2 are randomly selected with replacement from the population of 5, 6, and 9.
The nine different samples are as follows: (5, 5), (5, 6), (5, 9), (6, 5), (6, 6), (6, 9), (9, 5), (9, 6), and (9, 9).
(i) Find the median of each of the nine samples, then summarize the sampling distribution of the medians in the
format of a table representing the probability distribution. (ii) Compare the population median to the mean of
the sample medians. (iii) Do the sample medians target the value of the population median? In general, do
medians make good estimators of population medians? Why or why not?

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Definitions:

Impairment Loss

A reduction in the recoverable value of an asset, below its carrying amount on the balance sheet, leading to a write-down of the asset's value.

Cash Inflows

Money received by a business from various sources, including sales, financing, and investments, over a period.

Technological Advances

Developments and improvements in technology that enhance productivity, efficiency, and provide new opportunities for businesses and individuals.

Group Depreciation

A method in accounting where a collection of assets that are similar in nature and have approximately the same useful lives are depreciated as a single asset.