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Essentials Of Statistics For Busin...

9th Edition
David R. Anderson + 4 others
Publisher: South-Western College Pub
ISBN: 9780357045435

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Section
BuyFindarrow_forward

Essentials Of Statistics For Busin...

9th Edition
David R. Anderson + 4 others
Publisher: South-Western College Pub
ISBN: 9780357045435
Chapter 8.1, Problem 1E
Textbook Problem
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A simple random sample of 40 items resulted in a sample mean of 25. The population standard deviation is σ = 5.

  1. a. What is the standard error of the mean, σx?
  2. b. At 95% confidence, what is the margin of error?

a.

To determine

Find the standard error of the mean.

Explanation of Solution

Calculation:

The given information is that the samples of 40 items are selected randomly with mean 25 and population standard deviation 5.

The formula for standard error of the mean is,

σx¯=σn

The value of the standard error is,

σ

b.

To determine

Find the margin of error for 95% confidence interval.

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Chapter 8 Solutions

Essentials Of Statistics For Business & Economics
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