These ten values are part of a sampling distribution

These ten values are part of a sampling distribution -...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
These ten values are part of a  sampling distribution . The sampling distribution of a statistic (in this  case, of a mean) is the distribution obtained by computing the statistic for all possible samples of a  specific size drawn from the same population.  You can estimate the mean of this sampling distribution by summing the ten sample means and  dividing by ten, which gives a distribution mean of 27,872.8. Suppose that the mean income of the 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: entire population of subscribers to the magazine is $28,000. (You usually do not know what it is.) You can see in Figure 1 that the first sample mean ($27,500) was not a bad estimate of the population mean and that the mean of the distribution of ten sample means ($27,872) was even better. Figure 1. Estimation of the population mean becomes progressively more accurate as more samples are taken....
View Full Document

Ask a homework question - tutors are online