(Solved):
Suppose X is a random variable with mean X and variance X2=2. Suppose X1,X2, X3 ...
Suppose X is a random variable with mean ?X? and variance ?X2?=2. Suppose X1?,X2?, X3? and X4? are all independently distributed with the same distribution as X. a) Calculate the variance of the sample mean X?=4X1?+X2?+X3?+X4??. b) Is the sample mean a better estimator of the population mean ?X? than X~=3X1??+4X2??+3X3??+12X4??? Justify your answer. c) You find out that X1?,X2?,X3? and X4? were gathered using a faulty method. X1?,X2?, X3? and X4? still have the same mean and variance as X, but X2?=X3?=X4? because the lab assistant wrote the same observation 3 times. X1? is still independently distributed. Given this mistake by the lab assistant, is the sample mean X?=4X1?+X2?+X3?+X4?? a better estimator of the population mean ?X? than X~=3X1??+4X2??+3X3??+12X4??? Justify your answer.