Three firms carry inventories that differ in size. Firm A’s inventory contains 2000 itemns, firm B’s...

Three firms carry inventories that differ in size. Firm A’s inventory contains 2000 itemns, firm B’s inventory contains 5,000 items, and firm C’s inventory contains 10,000 items. The population standard deviation for the cost of the items in each firms’ inventory is 144, A statistical consultant recommends that each firm take a sample of 150 items from its inventory to provide statistically valid estimates of the average cost per item.

Using the finite population correction factor if needed, compute the standard error for each of the three firms given a sample of size 150. (round to 2 decimal points)

Expert Solution

orchestra answered 2 years ago

Three firms carry inventories that differ in size. Firm A’s inventory contains 2000items, Firm B’s inventory...

Three firms carry inventories that differ in size. Firm A’s inventory contains 2000items, Firm B’s inventory contains 5000 items, and Firm c’s inventory contains 10,000items. The population standard deviation for the cost of the items in each firm’s inventory is 144. A statistical consultant recommends that each firm take a sample of 50 items from its inventory to provide statistically valid estimates of the average cost per item. Manager of a small firm state that because it has the smallest...

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