Question
In: Statistics and Probability
The mean price of all magazines published in the United States is $3.64. The mean price...
The mean price of all magazines published in the United States is $3.64. The mean price of a random sample of 16 magazines is $3.47. The sampling error is:
PLEASE DO THE MATH and explain your answer!
a. -.17
b. $7.11
c. $.34
d. $.17
Solutions
Expert Solution
Answer : (a) - 0.17
In the given problem,
The population mean (
) = mean
price of all magazines published in the US = $3.64
The sample mean (
)
= mean price of a random sample of 16 magazines = $ 3.47
Sampling error is the excess of the population mean over a sample mean.
Symbolically, sampling error of the mean = 
Thus, sampling error = $3.47 - $3.64
= - $0.17
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