Question

Print a copy and write your answers on the printed sheets. Show your work in full details (use the other side for calculations). Staple all sheets together. 27.96 36.02 22.90 22.94 8.30 12.10 49.78 22.43 24.68 22.13 14.55 16.48 28.22 33.75 28.21 26.05 34.71 12.21 12.99 24.49 21.89 14.87 9.86 14.87 20.26 27.84 23.36 37.10 Suppose that the above is a random sample of household wealth in Ft. Myers. Denote wealth by Y. 1. What is the estimated mean (??̂) and variance (??2̂) for all households?

Answer 1

Consider the given problem here we have given the values of “Yt”, => the estimated mean value is given by.

=> μ = (1/n)*∑Yt = 650.95/28 = 23.25, => μ = 23.25.

Now, the estimated variance is given by.

=> σ^2 = (1/n)*∑(Yt-μ)^2 = (1/n)*∑Yt^2 – μ^2 = 17,566.9053/28 – (23.25)^2 = 627.3895 – 540.5625 = 86.827.

=> σ^2 = 86.83.