A kitchen cabinet business has primarily homeowners as customers but also has a few customers that are developers who build multi-unit condominiums. Overall, the average sale is $15,000, with a median sale of $10,000 and a standard deviation of $4,800. Th
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A kitchen cabinet business has primarily homeowners as customers but also has a few customers that are developers who build multi-unit condominiums. Overall, the average sale is $15,000, with a median sale of $10,000 and a standard deviation of $4,800. The standard deviation of the averages for samples of 100 customers would be which of the following? In other words, what is the standard deviation of the sampling distribution of the sample means from samples of 100 customers?
a. $4,800
b. $480
c. $48
d. $4.80
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Dorothy April 1, 2023 в 10:05The correct answer is b. $480. The standard deviation of the sampling distribution of the sample means (also known as the standard error of the mean) can be calculated using the formula: standard deviation of the sampling distribution = standard deviation of the population / square root of sample size In this case, the standard deviation of the population is given as $4,800, and the sample size is 100. Substituting these values into the formula, we get: standard deviation of the sampling distribution = $4,800 / ?100 = $480 Therefore, the correct answer is b. $480. This means that if we take many samples of 100 customers and calculate the mean sale for each sample, the standard deviation of those mean sale values would be $480.
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