What is the standard error of the sample mean

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Assignment:

Problem. Suppose we sample 1,600 graduates from a particular university. Six years post-graduate the sample mean of earnings for this group is $40,000. Furthermore, the standard deviation of earnings in the sample is $24,000.

a) What is the standard error of the sample mean?

b) Consider the hypothesis that the population mean of earnings is $40,400. Construct a t-statistic corresponding to this hypothesis. Given a test of 5% size, can you reject this hypothesis?

c) Construct a 95% con?dence interval for sample mean earnings.

d) Suppose we collect new data and we now have a sample size of 10,000 graduates. Redo the answers from parts a) - c) above. What changed and why?

Reference no: EM133253689

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