What is the standard error of the mean in experiment

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Problem: An economist uses the price of a gallon of milk as a measure of inflation. She finds that the average price is $3.82 per gallon and the population standard deviation is $0.33. You decide to sample 40 convenience stores, collect their prices for a gallon of milk, and compute the mean price for the sample.

Required:

Question 1: What is the standard error of the mean in this experiment?

Question 2: What is the probability that the sample mean is between $3.78 and $3.86?

Question 3: What is the probability that the differenSce between the sample mean and the population mean is less than $0.01?

Question 4: What is the likelihood the sample mean is greater than $3.92?

Reference no: EM132422214

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