The manager of a retail store has taken a random sample of 50 customers. The average amount spent by these 50 customers was $110. It is known that the standard deviation of the amount spent by all customers is $10.60. If the confidence coefficient is increased from 0.95 to 0.99, the standard error of the mean will

Question

Elisha Cameron

Mathematics

15 March, 00:19

The manager of a retail store has taken a random sample of 50 customers. The average amount spent by these 50 customers was $110. It is known that the standard deviation of the amount spent by all customers is $10.60. If the confidence coefficient is increased from 0.95 to 0.99, the standard error of the mean will

+2

Answers (1)

Know the Answer?

Aubrey Carrillo · Answer 1

it would remain unchanged

Step-by-step explanation:

It asks us that If the confidence coefficient is increased from 0.95 to 0.99, the standard error of the mean will

in this case it would remain unchanged, because standard error of the mean is = sd / (n ^ 1/2), that is, it does not intervene in the calculation, therefore it does not change