Asked by Simon Sazian on May 02, 2024
Verified
A random sample of 100 credit sales in a department store showed an average sale of $120.00.From past data, it is known that the standard deviation of the population is $40.00.
a.
Determine the standard error of the mean.
b.
With a .95 probability, determine the margin of error.
c.
What is the 95% confidence interval of the population mean?
Standard Error
The standard deviation of the sampling distribution of a statistic, often used to measure the precision of a sample mean.
Margin of Error
A statistic expressing the amount of random sampling error in a survey's results, indicating a range within which the true population parameter is likely to lie.
Confidence Interval
A set of values obtained from sample data, which is expected to encompass the value of an unspecified population parameter.
- Understand thoroughly how to compute a confidence interval for a population mean.
- Familiarize yourself with the ideas of standard error and margin of error.
- Apprehend the fundamentals of the standard error of the mean.
Verified Answer
ZK
Learning Objectives
- Understand thoroughly how to compute a confidence interval for a population mean.
- Familiarize yourself with the ideas of standard error and margin of error.
- Apprehend the fundamentals of the standard error of the mean.