Chapter 7Australian football salaries averaged $150,000 with a standard deviation of $80,000 in a recent year. Suppose a sample of 100 football players was taken. What was the standard error for the sample mean salary?Question 12Select one:a.$150,000b.$800,000c.$8,000d.$8 million
Question
Chapter 7Australian football salaries averaged 80,000 in a recent year. Suppose a sample of 100 football players was taken. What was the standard error for the sample mean salary?Question 12Select one:a.800,000c.8 million
Solution
The standard error for the sample mean salary can be calculated using the formula for standard error (SE), which is the standard deviation (SD) divided by the square root of the sample size (n).
In this case, the standard deviation is $80,000 and the sample size is 100.
So, the standard error would be:
SE = SD / sqrt(n) SE = 80,000 / 10 SE = $8,000
So, the correct answer is c. $8,000.
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