Math Problem Statement
A random sample of 50 employees from a large company has an average monthly income of K2,000 with a standard deviation of K400.
- What is the standard error of the mean?
Solution
The standard error of the mean (SEM) is a measure of how much the sample mean is expected to fluctuate from the true population mean. It is calculated using the formula:
Where:
- is the sample standard deviation
- is the sample size
For this problem:
Now, we calculate the standard error:
So, the standard error of the mean is approximately K56.57.
Would you like more details on this calculation or further explanation?
Here are 5 related questions you might find helpful:
- How does increasing the sample size affect the standard error?
- What is the relationship between standard deviation and standard error?
- How would the standard error change if the sample size was doubled?
- What does a smaller standard error indicate about a sample?
- How can we use the standard error to construct confidence intervals?
Tip: The standard error decreases as the sample size increases, indicating more precise estimates of the population mean.
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Math Problem Analysis
Mathematical Concepts
Statistics
Standard Error
Sample Size
Formulas
SEM = s / √n
Where: s = sample standard deviation, n = sample size
Theorems
Law of Large Numbers
Suitable Grade Level
Grades 10-12
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