Question

The average natural gas bill for a random sample of 21 homes in a certain city during the month of march was​ $311.90 with a sample standard deviation of​ $51.60. what is the standard error of the mean for this​ sample?

Answer 1

Solution:
Standard Error Formula:
SEx̄ = S / UNDERROOT N
where,
SEx̄ = Standard Error of the Mean
s = Standard Deviation of the Mean
n = Number of Observations of the Sample
SExĚ„ = 51.60/ âš21 = 11.26004314
So, standard error = 11.26004314