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An economist is interested in studying

by | Nov 30, 2023 | Posted Questions

Determining the Required Sample Size

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?

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