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Which vary more: averages based on a few observations or averages based on many observations?

Which vary more: averages based on a few observations or averages based on many observations?

Math   Statistics-And-Probability   
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Answer #1

We know, sample gives the information about population. As we increase sample size we get the more information about population. The average based on a few observations vary more as compared to average based on many observation.

Aslo, variance of mean is given by

Therefore we have, as sample size increases, the variance of mean decreases. i.e., as sample size increases mean vary less.

Therefore, we conclude that average based on a few observations vary more as compared to average based on many observation.

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