The average natural gas bill for a random sample of 21 homes in a certain city during the month of march was $311.90 with a sample standard deviation of $51.60. what is the standard error of the mean for this sample?
Solution: Standard Error Formula: SExĚ„ = S / UNDERROOT N where, SExĚ„ = Standard Error of the Mean s = Standard Deviation of the Mean n = Number of Observations of the Sample SExĚ„ = 51.60/ âš21 = 11.26004314 So, standard error = 11.26004314
