Math Problem Statement
random sample of size 50 is collected from a population PP, where P \simP∼ Uniform[0,12]. Find a lower bound on the probability that the sample mean will be at most 3 away from the actual mean using the weak law of large numbers. Enter the answer correct to three decimal
Solution
To find the lower bound on the probability that the sample mean will be at most 3 away from the actual mean using the weak law of large numbers, we can use Chebyshev's inequality.
Given:
- Population
- Sample size
- The tolerance level
Step-by-Step Solution
-
Calculate the Population Mean and Variance:
- For a uniform distribution , the mean and variance are given by:
- In our case, and :
-
Calculate the Variance of the Sample Mean :
- The variance of the sample mean is :
-
Apply Chebyshev’s Inequality:
- Chebyshev’s inequality states that for any ,
- We want the probability that the sample mean is within 3 of the actual mean, so we set :
Answer:
The lower bound on the probability that the sample mean will be at most 3 away from the actual mean is approximately:
Would you like further details or have any other questions?
- How would the probability change if the sample size increased?
- What happens to the bound if the population variance increases?
- How would this result change if we used a different inequality?
- Can the weak law of large numbers provide an exact probability in any case?
- What is the impact of changing the tolerance level ?
Tip: Chebyshev’s inequality is powerful for any distribution shape, providing a conservative probability bound.
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Math Problem Analysis
Mathematical Concepts
Probability
Uniform Distribution
Sample Mean
Chebyshev's Inequality
Weak Law of Large Numbers
Formulas
Mean of a Uniform distribution U[a, b]: μ = (a + b) / 2
Variance of a Uniform distribution U[a, b]: σ² = (b - a)² / 12
Variance of the sample mean: σ² / n
Chebyshev's Inequality: P(|X - μ| ≥ k) ≤ Var(X) / k²
Theorems
Chebyshev's Inequality
Weak Law of Large Numbers
Suitable Grade Level
Undergraduate
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