Asked Oct 18, 2019

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 width of the 90% confidence interval?


Expert Answer

Step 1

The population standard deviation = $1,000.

Z value for 90% confidence interval is 1.645.



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