Question

To determine the average price of hotel rooms in Atlanta, a sample of 49 hotels was selected and the sample mean price of hotel rooms, top enclose y is $120. The population standard deviation was found to be $16. What is the standard error of top enclose y

Answer 1

Standard error of top enclose y = 2.29

Explanation:

The formula for Standard error = σ/√n

σ is the population standard deviation = $16

n is random number of samples = 49 hotels

Hence,

Standard error = 16/√49

= 16/7

= 2.2857142857

Approximately = 2.29

Therefore, the Standard error of top enclose y = 2.29