Being Lucky with Friends

You are curious to know the weekly allowance average between two of your closest
friends so that you would know how much they can treat you. From your six closest
friends, they have come up with the values of $5, $8, $10, $22, $36, $38, you will then
need to choose 2 of your friends. Find the mean, variance, and standard deviation for
the population and then find the mean and standard error of possible samples.
A. Population
a. μ = Σx/N
i. μ = (5 + 8 + 10 + 18 + 22 + 25) / 6
ii. μ = 14.67
b. σ = Σf(x- μ)2
2

X f x- μ (x- μ)2 f(x- μ)2

5 1 -9.67 93.4444 93.4444
8 1 -6.67 44.4444 44.4444
10 1 -4.67 21.7778 21.7778
18 1 3.33 11.1111 11.1111
22 1 7.33 53.7778 53.7778
25 1 10.33 106.7778 106.7778

i. σ2 = 331.3333
c. σ = SQRT (σ2)
i. σ = 18.2026
B. Sample
a. μ x = μ
i. μ x = 14.67
All possible combinations:
Sample x̅ Sample x̅
5, 8 6.5 8,25 16.5
5,12 8.5 12,18 15
5,18 11.5 12,22 17
5,22 13.5 12,25 18.5
5,25 15 18,22 20
8,12 10 18,25 21.5
8,18 13 22,25 23.5
8,22 15
b. σx = σ/SQRT(N)
i. σx = 18.2026 / SQRT (6)
ii. σx = 7.4312

Therefore, in any case that I choose two of my friends, my 2 friends can now
treat me an average of $14.67. But, if I get lucky or unlucky, the average value will
change with intervals of $7.4312. Thus, I am still very blessed to have good friends.