Estimate the variance and standard error of the sample mean

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Reference no: EM131398324

1. Estimate the variance and standard error of the sample mean for a random sample of n = 8 subjects from whom you get
2, 6, 10, 1, 15, 22, 11, 29

2. If you randomly sample a single observation and get 32, what is the estimate of the population mean, µ? Can you get an estimate of the squared standard error? Explain, in terms of the squared standard error, why only a single observation is likely to be a less accurate estimate of µ versus a sample mean based on n = 15 subjects.

Reference no: EM131398324

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