Question

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)?

Name: an economist is interested in studying the incomes of consumers in a particular country the population standard deviation is known to be 1000 a random sample of 50 individuals resulted in a 59486
Uploaded: 2022-04-21T17:03:14-08:00
Duration: 2 min 3 s
Channel: Manasvee Singh
Description: an economist is interested in studying the incomes of consumers in a particular country the population standard deviation is known to be 1000 a random sample of 50 individuals resulted in a 59486

          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)?

Added by Salvador C.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Manasvee Singh

04/21/2022

Step 1

58, population standard deviation $\sigma = $1,000$, and sample size $n = 50$, we can calculate the margin of error: $ME = 2.58 \times \frac{1000}{\sqrt{50}} = 2.58 \times \frac{1000}{7.07} \approx 2.58 \times 141.42 \approx 364.865$ ** Show more…

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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)?