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Managerial statistics: Suppose we survey a random sample of 100 people, record their incomes and get an average of $50,000 with an standard deviation of
Managerial statistics: Suppose we survey a random sample of 100 people, record their incomes and get an average of $50,000 with an standard deviation of $10,000. Give a 95% confidence interval for the average income in the population. Also give a 99.7% confidence interval. Which confidence interval is wider? Please show work, thank you
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