Sample size for predicting the population mean

Assignment Help Basic Statistics

Reference no: EM1316205

A federal funding program is available to low-income neighborhoods. To qualify for funding, a neighborhood must have a mean household income of less than $15,000 per year. Neighborhoods with mean annual household income of $15,000 or more do not qualify. Funding decisions are based on a sample of residents in the neighborhood. A hypothesis test with a .02 level of significance is conducted. If the funding guidelines call for a maximum probability of .05 of not funding a neighborhood with a mean annual household income of $14,000, what sample size should be used in the funding decision study? Use σ = $4000 as a planning value. ________________

Reference no: EM1316205

Questions Cloud

Illustration of change in supply and demand : Illustrate a supply or demand curve shift for the following article. The price of oil fell on Monday, January 12, 2009 as the weak economy has undermined oil demand. Light, sweet crude for February delivery fell $3.24 or 7.9%, to $37.59 a barrel.

Explain judging the market value valuations for acquisition : Explain Judging the market value valuations for Acquisition of firms and cumulative abnormal return over the negotiation period for this merger

Find the value of an individual bond : Calculation of issue value of bond considering time value of money - Find the value of an individual bond from this issue to an investor who purchases the Wilson bond on the date of issue (November 15, 2004) assuming they require an 8% return?

Competing product will abc be indifferent among alternatives : Illustrate for what value does probability XYZ will offer a competing product will ABC be indifferent among the alternatives.

Sample size for predicting the population mean : what sample size should be used in the funding decision study? Use σ = $4000 as a planning value. ________________

The tangent line equation : The tangent line equation

Explain difference in governance and control structure : Explain difference in governance and control structure of different countries and expect to happen to the Financial architecture of corporations

Retirement considering time value : Calculation of amount required in retirement considering time value - retirement fund investment? Show your formulas and input

Decrease in supply and demand : Illustrate a supply or demand curve shift for the following article-The majority of grain and oilseed futures are traded on the Chicago Board of Trade (CBOT). Government estimates released on Monday, January 12, 2009 sent CBOT grain and oilseed

User Account

All Pages