a- Calculate the mean for this population. b - Calculate the sampling error usin

Question

a- Calculate the mean for this population.

b - Calculate the sampling error using the 5 cars in the first row as your sample.

c- Calculate the sampling error using the 10 cars in the first two rows as your sample.

d - How does increasing the sample size affect the sampling error?

A rental car agency has 15 rental cars on its lot. The following table shows the mileage of each car. Use the data to complete parts a through d below. 19,349 11,009 18,176 10,768 8,505 6,430 14,154 6,836 4,532 11,387 4,773 16,926 15,771 13,155 19,291

Explanation / Answer

a) Mean = (Sum of all observations)/15 = 181062/15 = 12070.8

b) Sampling error = (19349+11009+18176+10768+8505)/5 - 12070.8 = 890.6

c) Sampling error = (19349+11009+18176+10768+8505+6430+14154+6836+4532+11387)/10 - 12070.8 = -956.2

d) Increasing the sample size decreases the sampling error

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