Question

Suppose a random sample of size 60 is selected from a population with = 8. Find the value of the standard error of the mean in each of the following cases (use the finite population correction factor if appropriate). The population size is infinite (to 2 decimals). The population size is N = 50,000 (to 2 decimals). The population size is N = 5,000 (to 2 decimals). The population size is N = 500 (to 2 decimals).

Answer 1

Givne that

The population size is N = infinite

Since population size is infinite so fpc is not needed.

The standard error is

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The population size is N = 50,000

Since

So it is not necessary to apply the finite population correction factor.

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The standard error is

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The population size is N = 5,000

Since

So it is not necessary to apply the finite population correction factor.

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The standard error is

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The population size is N = 500

Since

So it is necessary to apply the finite population correction factor.

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Here finite population correction factor is

The standard error is