# Explain how much more or less the standard deviation of sample means was than the population standard deviation

1. Explain how much more or less the standard deviation of sample means was than the population standard deviation. According to the formula for standard deviation of sample means, it should be far less.  (That formula is ÏƒïŸƒ = Ïƒ/âˆšn  =  Ïƒ/âˆš10  = Ïƒ/3.16  )  Does your computed ÏƒïŸƒ  agree with the formula?

The standard deviation of the 10 means came out to be \$110,926.75 and the population standard deviation of all 100 listing prices is \$112,821.85. According to the formula for standard deviation of sample means, 110,926.75/3.16 is equaled to 35,103.4019. We can see that the standard deviation of sample means is far less compared to the population standard deviation.

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