A random sample of 50 recent patient records at a clinic, Basic Statistics

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A random sample of 50 recent patient records at a clinic

Question: 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.

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