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An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000. A random
An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000. A random sample of 30 individuals resulted in an average income of $15,000. Determine the 99% confidence interval estimate of the population mean. Suppose you doubt the population standard deviation and from the sample collected, have a sample standard deviation of $800.
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