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QUESTION
Assume we select n=3 samples from N=6. For purposes of studying sampling distributions, assume that all population values are known. We are
- Assume we select n=3 samples from N=6. For purposes of studying sampling distributions, assume that all population values are known. We are interested in the population mean, ????̅???? = 142. Two sampling plan are proposed.
Plan 1: 8 possible samples may be chosen. For this sampling plan, we obtained ????(????̅) = 142 and ????(????̅) = 18.94.
Plan 2: 3 possible samples may be chosen. For this sampling plan, we obtained ????(????̅) = 142.5 and ????(????̅) = 19.36.
a.)Calculate the Bias and mean squared error (MSE) for ????̅ of each sampling plan (i.e., Plan 1 and Plan 2).
b) Which sampling plan do you think is better? Why?
