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A sample of 35 luxury hotels in the US had an average room rate of $252.80...

A sample of 35 luxury hotels in the US had an average room rate of $252.80 per night. Assume the population standard deviation is $41 per night. Calculate the standard error of the mean.

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SOLUTION:

From given data,

A sample of 35 luxury hotels in the US had an average room rate of $252.80 per night. Assume the population standard deviation is $41 per night. Calculate the standard error of the mean.

standard deviation = s = 41

Sample size = n =35

Sample mean = = 252.80

The standard error of the mean

SE = s /

= 41 /

= 6.93

There fore ,

standard error of the mean = 6.93

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