Asked by Yocabed Efrem on Apr 27, 2024
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An economist is interested in studying the spending habits of consumers in a particular region.The population standard deviation is known to be $1,000.A random sample of 50 individuals resulted in an average expense of $15,000.What is the width of the 99% confidence interval?
Population Standard Deviation
A measure of the dispersion or spread of all values in a given population, quantifying how much the values differ from the population mean.
Average Expense
An average amount of money spent, typically calculated over a specific period of time, reflecting common expenditure patterns.
- Acknowledge the contribution of sample size, confidence level, and population standard deviation to the extent of a confidence interval.
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Learning Objectives
- Acknowledge the contribution of sample size, confidence level, and population standard deviation to the extent of a confidence interval.