SYM 506 An economist uses the price of a gallon of milk as a measure

| June 14, 2018

44. An economist uses the price of a gallon of milk as a measure of inflation. She finds that the average price is $3.50 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 com-pute the mean price for the sample.a. What is the standard error of the mean in this experiment?b. What is the probability that the sample mean is between $3.46 and $3.54?c. What is the probability that the difference between the sample mean and the population mean is less than $0.01?d. What is the likelihood the sample mean is greater than $3.60?

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