When a Great Many Simple Random Samples of Size N

question 87

Short Answer

When a great many simple random samples of size n are drawn from a population that is normally distributed,the sampling distribution of the sample means will be ____________________ regardless of sample size n.As n increases,the ____________________ of the sample distribution will become smaller.

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Definitions:

Income Potential

The maximum earnings possible for a person or entity, considering various factors like skills, market demand, and economic conditions.

Expected Value

The anticipated value of a variable, computed as the sum of all possible values each multiplied by the probability of its occurrence.

Fair Bet

A betting proposition where the expected gains or losses are theoretically equal, implying no advantage to either side.

Zero Sum Game

A situation in-game theory where one participant's gain or loss is exactly balanced by the losses or gains of the other participants.