Calculate the mean and standard deviation of the 57 estimates….

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You work as a data analyst with ABL MAX Company. To make a forecast of its financial performance, your company uses an estimate of inflation, which is based on the estimates of 57 economists. These estimates, shown in the attached Excel document, are expensive to obtain.
In order to reduce the expense of obtaining data, the CEO of your company asks you to analyze the effect on the estimate of inflation if only 20 estimates are obtained. For your analyses:
a) Calculate the mean and standard deviation of the 57 estimates.
b) Take a random sample of 20 estimates, and calculate the mean of the 20 estimates.
c) Repeat (b) 10 more times.
d) Take the mean values arrived at in (b) and (c), and calculate their mean and standard deviation.
Based on the analyses prepare a two-page handout in a Word document addressed to the CEO, containing an answer to the following:
What values did you expect to obtain in d?
What is the effect of using only 20 estimates as against 57 estimates?

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