SOLUTION: The mean price of milk per gallon in the United States is $4.45 with a standard deviation of $0.35. Random samples of milk of size 40 are selected at grocery stores around the Unit

Question 321277: The mean price of milk per gallon in the United States is $4.45 with a standard deviation of $0.35. Random samples of milk of size 40 are selected at grocery stores around the United States.

Use the Central Limit Theorem to find the mean and the standard error of the mean of the sampling distribution.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The mean price of milk per gallon in the United States is $4.45 with a standard deviation of $0.35. Random samples of milk of size 40 are selected at grocery stores around the United States.
Use the Central Limit Theorem to find the mean and the standard error of the mean of the sampling distribution.
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The mean of the sample means = the mean of the population = 4.45
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The standard deviation of the sample means = 0.35/sqrt(40) = 0.0553
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Cheers,
Stan H.
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