Question

2) Major league baseball salaries averaged $3.26 million with a standard deviation of $1.2 million in a certain year in the past. Suppose a sample of 100 major league players was taken. What was the standard error for the sample mean salary

Answer 1

Standard error for the sample = $0.12 million

Explanation:

Given:

Mean = $3.26 million

Standard deviation = $1.2 million

Number of sample = 100

Find:

Standard error for the sample

Computation:

Standard error for the sample = Standard deviation / √Number of sample

Standard error for the sample = 1.2 / √100

Standard error for the sample = $0.12 million