(Answered) Assumptions in the Data-Generating Process

Economics

Problem:

Let Yi be the level of income of adult i. It is a random variable. You have a sample of the incomes of n adults, which will contain {y1, y2, ..., yn} realized values of the random variables {Y1, Y2, ..., Yn}. Let µˆbe the sample mean of Yi.

Required:

Question 1: What assumptions in the Data-Generating Process you would like to make to let µˆ be the unbiased estimators of the population mean µ of Yi?

Question 2: With those assumptions in the Data-Generating Process, what distribution you can get for µˆ, and what is the mean and the variance of µ?

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