Question

Scrapper Elevator Company has 20 sales representatives who sell its product throughout the United States and Canada. The number of units sold last month by each representative is listed below. Assume these sales figures to be the population values. 2,3,2,3,3,4,2,4,3,2,2,7,3,4,5,3,3,3,3,51. Compute the mean of the population.2. Compute the standard deviation.3. what would be the mean of the sample means?4. what would be the standard deviation of the sample means?

Answer 1

The mean of the population is 7.35 and the standard deviation is 19.8. The mean of the sample means would also be 7.35 and the standard deviation of the sample means is 4.43.

Step-by-step explanation:

To compute the mean of the population, you add up all the values and divide it by the total number of values. In this case, the sum of the values is 147 and there are 20 sales representatives, so the mean of the population is 147/20 = 7.35.

To compute the standard deviation of the population, you need to find the variance first. The variance is the average of the squared differences between each value and the mean. Then, you take the square root of the variance to get the standard deviation. In this case, the variance is 392.1 and the standard deviation is √392.1 ≈ 19.8.

The mean of the sample means would be the same as the population mean, which is 7.35. The standard deviation of the sample means, also known as the standard error, can be calculated by dividing the population standard deviation by the square root of the sample size. In this case, the standard deviation of the sample means is 19.8/√20 ≈ 4.43.