Answer to Question #214995 in Economics for pragna

Question

1. If you draw a random sample of size 80 from an infinitely large population with a variance of 6, what is the standard error of the mean? 2. Now suppose the population from question 1 is of size 150, what is the standard error of the mean?

Answer 1

1.

$$\frac{\sigma}{\sqrt{n}}=\frac{6}{8.9}=0.67$$

2.

$$\frac{6}{12.2}=0.5$$