A random sample of 20 purchases showed the following amounts (in $): 39.05 2.73 32.92 47.51 37.91

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A random sample of 20 purchases showed the following amounts (in $):

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 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 sample size had been 5 instead of 20? (Assume that the sample standard deviation didn’t change.)

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Business Statistics

ISBN: 9781292269313

4th Global Edition

Authors: Norean Sharpe, Richard De Veaux, Paul Velleman

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Question Posted: Sep 07, 2024 06:01 AM

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A random sample of 20 purchases showed the following amounts (in $): 39.05 2.73 32.92 47.51 37.91

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Business Statistics

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