An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is kn

Question

3 years ago

11

An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is kn

own 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?
Answer

A. 232.60
B. 364.30
C. 465.23
D. 728.60

Business

1 answer:

ki77a [65] · Answer 1 · 2022-08-01T07:44:57+03:00

ki77a [65]3 years ago

3 0

Answer:

A. 232.6

Explanation:

Standard deviation of population = $1000

Z value for 90% confidence interval is 1.645

width = z * $\frac{standard deviation}{\sqrt{sample size} }$

width = 1.645 * $\frac{1000}{\sqrt{50} }$ = 232.6