# Question: A random sample of 50 recent patient records at a

A random sample of 50 recent patient records at a clinic shows that the average billing per visit was $53.01 and the standard deviation was $16.48.

a.* Find the standard error of the average and interpret it.

b. You feel that this standard error is too large for reasonable budgeting purposes. If the standard deviation were the same (which it would be, approximately), find the standard error you would expect to see for a sample of size 200.

a.* Find the standard error of the average and interpret it.

b. You feel that this standard error is too large for reasonable budgeting purposes. If the standard deviation were the same (which it would be, approximately), find the standard error you would expect to see for a sample of size 200.

## Answer to relevant Questions

In a study of brand recognition, out of 763 people chosen at random, 152 were unable to identify your product. a. Estimate the percentage of the population (from which this sample was taken) who would be unable to identify ...The accounts of a firm have been classified into 56 large accounts, 956 medium-sized accounts, and 16,246 small accounts. Each account has a book value (which is provided to you) representing the amount of money that is ...Do exercise 2 using the experiences instead of the salaries. a.* List the employee numbers for your sample. b. Find the average salary for your sample and interpret this number. c. Find the standard deviation of salary for ...a. What is the difference between a prediction interval and a confidence interval? b. Which type of interval should you use to learn about the mean spending habits of your typical customer? c. Which type of interval should ...Consumer preferences have been observed in a situation for which the standard error is known. Find the appropriate t value from the t table to use for each of the following confidence interval calculations: a. Two-sided 95% ...Post your question