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)

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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?

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The mean of sample means is the same as the population mean so in
this case is $165,000

Quote:

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b. What is the standard deviation of ?
(All the symbols that are missing are the sample mean. (the x bar)

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The standard deviation of sample means (usualy called the standard error)
is $\displaystyle \sigma/\sqrt{n}$, where $\displaystyle \sigma$ is the population SD, and $\displaystyle n$ is the sample size.

So here it is $20000/10=$2000.


RonL

Thanks a lot. You make understanding this so much easier.