SOLUTION: Let Y1, Y2, Y3, and Y4 be independent, identically distributed variables from a population with mean μ and variance σ(squared). let ȳ = 1/4(y1,y2,y3,y4) denote the average of th

Question 1184696: Let Y1, Y2, Y3, and Y4 be independent, identically distributed variables from a population with mean μ and variance σ(squared). let ȳ = 1/4(y1,y2,y3,y4) denote the average of these random variables. What are the expected value and variance in terms of μ and σ(squared)?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!

Since the Y r.v.'s are i.i.d., they are also pairwise independent, and so the pairwise covariances are equal to 0.
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