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? Question 4 options: $15,052 $15,141 $15,364

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 78366
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 78366

          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?
Question 4 options:
$15,052
$15,141
$15,364

Added by Ruben H.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Manasvee Singh

04/21/2022

Step 1

Step 1: Identify knowns - Population standard deviation (sigma) = 1000 - Sample size (n) = 50 - Sample mean (x̄) = 15000 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? Question 4 options: $15,052 $15,141 $15,364