2. From Chapter 5, a random sample of 20 purchases showed the following amounts (in $):

Recall that the mean was $45.26 and the standard deviation was $20.67.

a) What is the standard error of the mean?

b) How would the standard error change if the same size had been 5 instead of 20? (Assume that the sample standard deviation didn’t change.)

Transcribed Image Text:

39.05 2.73 32.92 47.51 37.91 34.35 64.48 51.96 56.95 81.58 47.80 11.72 21.57 40.83 38.24 32.98 75.16 74.30 47.54 65.62