Human Resource Consulting (HRC) is surveying a sample of 50 firms 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 state Bureau of Labor reports the meanof this distribution is $512 with a standard deviationof $100.
30. What is the standard errorof the sample mean for HRC?
E. Something else
31. What is the probabilitythe sample mean for HRC is greater than $550?
E. Something else.
The solution provides step-by-step method for the calculation of standard error of mean, Z score and probability. Formula for the calculation is also included.