Relationship Between Sample Data and Population Values.
You will encounter many situations in business where a sample will be taken from a population, and you will be required to analyze the sample data. Regardless of how careful you are in using proper sampling methods, the sample likely will not be a perfect reflection of the population.
A Sampling Distribution is the probability distribution for a statistic. Its description includes:
µX = 170,000 / 5 = $34,000
X = [SQRT(898*106) / 5] = $13,401.49
5C3 = 10 samples of three can be drawn form this population. Each sample has a 1 / 5C3 , or 1 / 10 chance of being selected.
µX = ( X1 + X2 + …. + Xn ) / NCn
µX = 340,000 / 10 = $34,000
X = SQRT[( Xi - µX )2 / NCn]
X = X / SQRT(n)