Suppose a random sample population correction factor if appropriate. Round your answers to two decimal places.) size 30 is selected from a population with 8. Find the value or the standard error of the mean in eacn of the following cases. (Use the finit (a) The population size is infinite.
Suppose a random sample population correction factor if appropriate. Round your answers to two decimal places.) size 30 is selected from a population with 8. Find the value or the standard error of the mean in eacn of the following cases. (Use the finit (a) The population size is infinite.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Step 1
given
Sample size (n) = 30
Population standard deviation (σ) = 8
Formula:
The standard error of the sample means using the finite correction factor.
= σ / *
Where.
is called the finite correction factor.
Note:
If n/N is less than 0.05, The finite correction factor is ignored.
If n/N is greater than 0.05, The finite
correction factor must be considered.
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