Random Samples of Size N Were Selected from Three Populations

question 199

Essay

Random samples of size n were selected from three populations with the means and variances given here:
i. ii. iii.
a. Find the mean and standard deviation of the sampling distribution of the sample mean in each of the three cases above.
b. If the sampled populations are normal, are the sampling distributions of for each of the three cases also normal? Justify your answer.
c. According to the Central Limit Theorem, if the sampled populations are NOT normal, what can be said about the sampling distribution of for each of the three cases?

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Definitions:

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach its equilibrium.

Quotas

Limits set by government on the quantity of goods that can be imported or produced, intended to protect domestic industries.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.

Market Intervention

Actions taken by a government or other authority to affect the market, often to correct market failures or achieve certain policy objectives.