Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 50 individuals resulted in an average income of $15,000. What sample size would the economist need to use for a 95% confidence interval if the width of the interval should not be more than $100?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Six Sigma For Organizational Excellence A Statistical Approach

Authors: K Muralidharan

1st Edition

813222325X, 9788132223252

More Books

Students also viewed these Mathematics questions

Question

A greater tendency to create winwin situations.

Answered: 1 week ago