SOLUTION: Use the Central Limit Theorem to find the mean and standard error of the mean of the sampling distribution. Then sketch a graph of the sampling distribution. The mean price of phot

Algebra ->  Finance -> SOLUTION: Use the Central Limit Theorem to find the mean and standard error of the mean of the sampling distribution. Then sketch a graph of the sampling distribution. The mean price of phot      Log On


   

Question 1121048: Use the Central Limit Theorem to find the mean and standard error of the mean of the sampling distribution. Then sketch a graph of the sampling distribution. The mean price of photo printers on a website is $233 with a standard deviation of $62 .Random samples of size 20 are drawn from this population and the mean of each sample is determined.
The mean of the distribution of sample means is ________.

Answer by Boreal(15235) About Me  (Show Source):
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$233
The mean of the sampling distribution of same size samples of a fixed n is the mean of the population.
The sd is 62/sqrt(20)=13.86