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Effect of finite population correction factor

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The effect of the finite population correction factor (fpc) is to decrease the standard error of the mean. Why does this procedure make sense?

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Solution Summary

The solution estimates a finite population correction factor. Why this procedure makes sense is determined.

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When populations are infinite, the standard error of an estimator depends only on the sample size. In this case the standard error of the mean is the standard deviation of the population from which the sample was selected divided by the square root of the sample size.

In this case the standard error approaches zero only as the sample size approaches infinity.

When populations are ...

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