Question: Suppose N = 80000, n = 16000 and s = 50.
a. Compute the standard error of the sample mean using the finite population correction factor.
b. Repeat part a assuming n= 32000.
c. Repeat part a assuming n = 80000.
d. Compare parts a, b and c, and describe what happens to the standard error of the sample mean as n is increased.
Solution depicts the steps to estimate the standard error of sample mean. It also discusses the impact of change in sample size on standard error.