Question

Suppose that true average price of a beer at professional sporting events in the US is $6. You attend 34 events and find an average price of $6.7 and the standard deviation is $0.4. Find the standard error for your sample. Answer to four decimal places.

Answer 1

Answer: The standard error for sample is 0.0686 .

Step-by-step explanation:

We know that the formula to find the standard error is given by :-

$S.E.=\dfrac{s}{\sqrt{n}}$

, where s = standard deviation

n= Sample size

As per given , we have

s=  $0.4  and n= 34

Then , the standard error for sample is given by :-

$S.E.=\dfrac{0.4}{\sqrt{34}}=\dfrac{0.4}{5.83095189485}\\\\=0.0685994340569\approx0.0686$

Hence , the standard error for sample is 0.0686 .