ECON1310 Lecture Notes - Lecture 6: Sampling Distribution, Fish Pond, Telephone Banking
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Sampling distribution the distribution of all possible values of a statistic, using the same sample size, selected from a population. If a populatio(cid:374) (cid:448)ariable is (cid:374)or(cid:373)all(cid:455) distributed (cid:449)ith (cid:373)ea(cid:374) a(cid:374)d sta(cid:374)dard de(cid:448)iatio(cid:374) , the sampling distribution of is also exactly normally distributed with: Z-value for sampling distribution of the sample mean where: = population standard deviation n = sample size. Example 1: sampling distribution of the sample mean. A two year old fish species has been farmed for many years under the same conditions. The fish lengths have been found to be normally distributed with an average length of 10cm and a standard deviation of 0. 5cm. From previous data, calculations have found a customer waiting for a telephone banking enquiry to be answered will have a variance of 32. 6 minutes2. Central limit theorem (clt: a key theoretical concept for inferential statistics.
