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You are interested in understanding credit borrowing behavior of entrepreneurs in rural India. You know that...

You are interested in understanding credit borrowing behavior of entrepreneurs in rural India. You know that for the population, the distribution of the mean start-up loan for a new business is uniformly distributed.1 Also, the mean start-up loan is $500 per person and standard deviation is $200. Suppose that you design a study where you take 10 random samples of size 100 from the population of rural India entrepreneurs. Describe the distribution of the means of these samples. What is likely to be the mean and standard error of the means of these samples? Include a histogram of what you think this distribution will look like (you can draw this by hand, it doesn’t need to be precise).

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