Suppose that you own a coffee shop. You want to estimate the population mean of

Question

Suppose that you own a coffee shop. You want to estimate the population mean of the daily sales. A sample of past 5 days of sales data provided the following information: Day Coffees sold (in cups) 94100 8594 87 You are going to use the sample average as a point estimator for the population mean. You also want to measure the accuracy of your estimator, and use the standard error as the measure of the accuracy What is the standard error of your point estimator? When you calculate a variance or a standard deviation, use the sample version formula a. Square-root of 10.8 b. Square-root of 5.8 c. Square-root of 8.8 d.Square-root of 7.3 e. Square-root of 6.3

Explanation / Answer

A standard error is the standard deviation of the sampling distribution of a statistic.Standard error is a statistical term that measures the accuracy with which a sample represents a population. In statistics, a sample mean deviates from the actual mean of a population; this deviation is the standard error.

SD = 6.04

SE = 6.04/5 = 2.7

Option D

sqrt(7.3) = 2.7

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