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Practice Problem 500 respondent report spending an average of $243 per month eating in restaurants. The variance of the mean is $47. What is the
Practice Problem 500 respondent report spending an average of $243 per month eating in restaurants. The variance of the mean is $47. What is the standard error of the mean? You will need one of the following formulae: 68% (If N did not change, but variance was 57, what would the SEm do?) SEm = SD/VN Var = E(O -M)2 99% N-1 Mean = EO / N -3 SD -2 SD 1 SD Statistic +1 SD +2 SD +3 SD Confidence Interval- Mean + SEm x 1.96 Std Dev = 1.96 SEs 2.56 SEs SD = VVar Variance = SEm = SD / VN
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