# What is the mean?

• Jun 30th 2006, 06:25 PM
bombo31
What is the mean?
5. Suppose that the average assessed values of single family dwellings in a large municipality of $165,000 with a standard deviation of$20,000.
a. If a random sample of n = 100 dwellings is selected and the , the average assessed value of these dwellings is calculated, what is the mean in repeated sampling?
b. What is the standard deviation of ?
(All the symbols that are missing are the sample mean. (the x bar)
• Jul 1st 2006, 05:52 AM
CaptainBlack
Quote:

Originally Posted by bombo31
5. Suppose that the average assessed values of single family dwellings in a large municipality of $165,000 with a standard deviation of$20,000.
a. If a random sample of n = 100 dwellings is selected and the , the average assessed value of these dwellings is calculated, what is the mean in repeated sampling?

The mean of sample means is the same as the population mean so in
this case is $165,000 Quote: b. What is the standard deviation of ? (All the symbols that are missing are the sample mean. (the x bar) The standard deviation of sample means (usualy called the standard error) is $\sigma/\sqrt{n}$, where $\sigma$ is the population SD, and $n$ is the sample size. So here it is$20000/10=\$2000.

RonL
• Jul 1st 2006, 01:26 PM
bombo31
Mean
Thanks a lot. You make understanding this so much easier.