Compute the standard error of the sample mean for hrc/ Econometrics
Human Resource Consulting (HRC) is surveying a sample of 60 Twin cities in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports the mean of this distribution is $502 with a standard deviation of $100.
(a) Compute the standard error of the sample mean for HRC.
(b) What is the chance HRC finds a sample mean between $477 and $527?
(c) Calculate the likelihood that the sample mean is between $492 and $512.
(d) What is the probability the sample mean is greater than $550?
