Interested in studying the incomes of consumers

Reference no: EM13689573

An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a mean income of $15,000. What is the upper end point in a 99% confidence interval for the average income (as a whole number without a dollar sign)?

Reference no: EM13689573

Questions Cloud

Proportion of defective items coming off a production line : Normal 0 false false false EN-US X-NONE X-NONE A quality control engineer ..

Aid to the establishment of personnel requirements : As an aid to the establishment of personnel requirements, the director of a hospital wishes to estimate the mean number of people who are admitted to the emergency room during a 24-hour period.

Interested in studying the incomes of consumers : An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a mean income of $15,000.

Calculate the price elasticity of demand for each group : The makers of academic books find that, when they raise the price of the average hard copy book from $50 to $75, quantity demanded among students drops from 100 to 90. Among casual readers, quantity demanded drops from 80 to 40.

Find the variance of the portfolio : Consider an investment portfolio of $50,000 in stock A and $50,000 in stock B. The expected value of A is 9.5% and B is 6%. The variance of A is 13% and the variance of B is 8%.

Opportunity cost of attending college is greater for bill : Bill and Sam both attend the same college and have the same expenses for tuition, books, and supplies. However, Bill is a famous athlete who could be earning $1 million per year playing professional baseball if he were not attending college while Sam..

Determine the firms cost function and its marginal cost : Suppose a firms production function is: q = L 0.5+K0.5. Assume that the price of labor is w = 1 and the price of capital is r = 1. Determine the firms cost function and its marginal cost.

User Account

All Pages