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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
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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 width of the 90% confidence interval?

Answer

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

User Ihor Patsian
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5.3k points

1 Answer

6 votes

Answer:

A. 232.6

Step-by-step explanation:

Standard deviation of population = $1000

Z value for 90% confidence interval is 1.645

width = z *
(standard deviation)/(√(sample size) )

width = 1.645 *
(1000)/(√(50) ) = 232.6

User Daar
by
5.8k points
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