Question

Suppose a random sample of size 60 is selected from a population with  = 12. 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

a) = 12 , sample size n = 60
Standard error = / = `12/(60)^0.5 = 1.55

b) For Population size N= 50,000
Standard error of the mean = ? [ (N-n)/(N-1)] = 1.54919 * (( 50000 - 60)/(50000 -1))^0.5 = 1.55

c) b) For Population size N= 5,000
Standard error of the mean =s ? [ (N-n)/(N-1)] = 1.54919 * (( 5000 - 60)/(5000 -1))^0.5 = 1.54

d) b) For Population size N= 500
Standard error of the mean =s ? [ (N-n)/(N-1)] = 1.54919 * (( 500 - 60)/(500 -1))^0.5 = 1.45

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