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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?


Definitions:

Latency

The delay before a transfer of data begins following an instruction for its transfer, often discussed in the context of trading to measure the delay in executing a transaction.

Direct Plus

A federal loan program that allows parents of dependent undergraduate students (Direct PLUS Loans) and graduate/professional students (Grad PLUS Loans) to help pay for education expenses.

Specialist

A member of a stock exchange who acts as the market maker to facilitate trading of a particular stock or securities.

NYSE Hybrid Market

A market model by the New York Stock Exchange that incorporates both electronic trading and traditional floor trading to execute orders.

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