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A random variable (X) is modelled as an exponentially distributed with mean 30 units. Simulate N = 50 samples from this distribution, and every sample must have m = 20 simulated values. From one simulated sample, compute the sample mean, i.e., mean of 20 simulated values. Repeat this process for all N = 50 samples.
The end result will be a sample of 50 values of the sample mean. Using this data, answer the following:
(1) Place its histogram of these mean values.
(2) Use the probability paper method to verify a suitable probability distribution for the sample mean.
(3) Compute the bias and standard error associated with the sample mean estimates.
The assignment enhances the acquisition of new knowledge through reading, research and practical work in class and at home. It requires critical thinking applied to real life tasks
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