Solution-Confidence interval for the population mean income

Confidence interval for the population mean income

Reference no: EM131444678

A random sample of 900 individuals was performed that recorded each individual's income. The sample mean was found to be 51 and sample standard deviation was 13 (both measured in thousands of dollars). What is the bound on the error of estimation ( or margin of error) for the 95% confidence interval for the population mean income?

Your answer should be correct to three decimal places. Show all your work.

Reference no: EM131444678

Questions Cloud

Purely as financial transaction : Present value: Your brother has asked you for a loan and has promised to pay you $7,750 at the end of three years. If you normally invest to earn 6 percent per year, how much will you be willing to lend to your brother if you view this purely as a fi..

Confidence interval for the population mean income : What is the bound on the error of estimation (or margin of error) for the 95% confidence interval for the population mean income?

Test the hac f-statistics : In this exercise you will estimate the effect of oil prices on macroeconomic activity using monthly data on the Index of Industrial Production (IP) and the monthly measure of Ot described in given Exercise.

Explain the physical characteristics featured in graphic : Post a description of the two graphics you selected (identify each graphic by number). Use clinical terminologies to explain the physical characteristics featured in each graphic. Formulate a differential diagnosis of three to five possible condit..

Confidence interval for the population mean income : What is the bound on the error of estimation ( or margin of error) for the 95% confidence interval for the population mean income?

Analyze the climate of the time period in terms of political : You will be researching an historical figure in the public health world, their contribution to public health, and how their work helped shape the public health system. Furthermore, you will be analyzing how their contribution from the past continu..

Prepare an array of peoples first names : Create an array of people's first names. Using a loop, read the names from a text (txt) file, and store each one into the array. The array should allow for a maximum of 100 entries.

What does this ratio indicate about financial position : Jarrod is a college student. All of Jarrod's disposable income is used to pay his college-related expenses. While he has no liabilities (Jarrod is on a scholarship), he does have a credit card that he typically uses for emergencies. Jarrod has $83 in..

Application-social problems : Review your group's wiki for this week. Based on the inputs, conceptualize a paper on the social problem your group selected -

User Account

All Pages

Confidence interval for the population mean income

Reference no: EM131444678

Reference no: EM131444678

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT