What sample size would the economist need to use if he, Ask an Expert

Statistics

An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is know 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 if he wants a 95% confidence interval no wider than plus or minus $100.

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9103186

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

The distribution of heights of adult american women is

The distribution of heights of adult American women is approximately normal with a mean of 64 inches and standard deviation of 2 inches. What percent of women is taller than 68 inches?

1 for this problem carry at least four digits after the

1. For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. Santa Fe black-on-white is a type of pottery commonly found at archaeological excavations ...

Using chebysheffs theorm you have concluded that at least

Using Chebysheff's theorm, you have concluded that at least 77.66% of the 3,075 runners took between 60.5 and 87.5 minutes to complete the 10km race. What was the standard deviation of these 3,075 runners?

A survey found that people keep their televisions an

A survey found that people keep their televisions an average of 5.8 years. The standard deviation is 0.76 year. If a person decides to buy a new TV, find the probability that he or she owned the old one for the given amo ...

Assume that the mean score on a normally distributed

Assume that the mean score on a normally distributed statistics quiz taken by 400 psychology students was 76, and the standard deviation was 8. Ben had a z-score of -1.2. If someone gave a passing grade only to the top 2 ...

Assuming that the bank wants assets with high yields and

Assuming that the bank wants Assets with High Yields and Liabilities with Low Costs then what decisions would the bank make for the Interest Rates on both Loans (Fixed Rate Corporate, Floating Rate Corporate, Installment ...

What considerations do you need to take when considering

What considerations do you need to take when considering "time value of money"? Why is the following statement true? "A dollar today is worth more than a dollar tomorrow."

Describe the theoretical problems of ethics 3 the

Describe the theoretical problems of ethics (3), the objectives to solving them.

Given a normally distributed random variable x with mean mu

Given a normally distributed random variable, X, with mean (μ) and standard deviation (σ) shown on the right, calculate P(a μ =15 s = 2 a =16 b =20 Given a normally distributed random variable, X, with mean (μ) and stand ...

Question i dont understand how you would test if the data

Question: I don't understand how you would test if the data shows that there is a difference between some supplies if the testing level is at 1%? Can you show me the steps of how you would test if the data shows that the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert