Asked by Zaria Howard on Apr 27, 2024
Verified
A research firm has been contracted to estimate the mean weekly family expenditure on clothes.He believes that the standard deviation of the weekly expenditure is $125.Determine with 99% confidence the number of families that must be sampled to estimate the mean weekly family expenditure on clothes to within $15.
Standard Deviation
A measure of the dispersion or spread of data points in a data set around its mean value.
Confidence Level
The probability that a population parameter will fall between two set values for a certain proportion of times, often used in the context of confidence intervals.
Weekly Expenditure
The total amount of money spent during a week on various items or services.
- Determine the size of the sample required for estimating means of populations at specific confidence intervals.
- Examine how permissible sampling error influences the determination of sample size.
Verified Answer
KW
Learning Objectives
- Determine the size of the sample required for estimating means of populations at specific confidence intervals.
- Examine how permissible sampling error influences the determination of sample size.
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