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Consider the following population:
a. Calculate the population mean.
b. Select, with replacement, and list each possible sample of size 2. Also, calculate the sample mean for each sample.
c. Calculate the sampling error associated with each sample mean.
d. Assuming that each sample is equally likely, produce the distribution of the sampling errors.
Hillman Management Services manages apartment complexes in Tulsa, Oklahoma. They currently have 30 units available for rent. The monthly rental prices (in dollars) for this population of 30 units are
a. What is the range of possible sampling error if a random sample of size n = 6 is selected from the population?
b. What is the range of possible sampling error if a random sample of size n = 10 is selected? Compare your answers to parts a and b and explain why the difference exists.