1 answer

An economist wants to estimate the mean per capita income (in thousands of dollars) for a...

Question:

An economist wants to estimate the mean per capita income (in thousands of dollars) for a major city in California. Suppose that the mean income is found to be $24.3$⁢24.3 for a random sample of 758758 people. Assume the population standard deviation is known to be $9.2$⁢9.2. Construct the 90%90% confidence interval for the mean per capita income in thousands of dollars. Round your answers to one decimal place.


Answers

Solution :

Given that,

Point estimate = sample mean = \bar x = $ 24.3

Population standard deviation =   \sigma = $ 9.2

Sample size = n = 758

At 90% confidence level

\alpha = 1 - 90%  

\alpha = 1 - 0.90 =0.10

\alpha/2 = 0.05

Z\alpha/2 = Z0.05  = 1.645


Margin of error = E = Z\alpha/2 * ( \sigma /\sqrtn)

= 1.645 * ( 9.2 /  \sqrt758 )

= 0.5

At 90% confidence interval estimate of the population mean is,

\bar x  ± E

24.3 ± 0.5

( 23.8, 24.8 )

.

Similar Solved Questions

1 answer
1. Develop a MATLAB code to determine, (a) the support reactions, RAy, RFy of the king...
1. Develop a MATLAB code to determine, (a) the support reactions, RAy, RFy of the king post truss shown below using the given variables. (b) the member forces FAD, FAB, FBD, FBc, FcD, FCE, FDE, FEF, and FoF by considering the equilibrium of each node and setting up equilibrium equations using the gi...
1 answer
The concept of thermionic emission is the basis of modern X-ray tubes, which are the workhorse...
The concept of thermionic emission is the basis of modern X-ray tubes, which are the workhorse of a medical X-ray image. In this process a filament (a piece of metal in a vacuum) is heated by the application of electrical current. The heat (energy) is transferred to the 'free' electrons of t...
1 answer
What is the difference between graded and discrete signaling? Describe three ways in which signals may...
What is the difference between graded and discrete signaling? Describe three ways in which signals may be combined to convey different meanings....
1 answer
Chapter 3 Cultural environment How is culture like an iceberg? In a short essay, explain the...
Chapter 3 Cultural environment How is culture like an iceberg? In a short essay, explain the relationship between the iceberg theory and international business relationships. Chapter 5 Trade theories Why do nations trade? What would the world be like without international trade? Chapter 6 Political ...
1 answer
3) For the diagram to the right, find the following 5 pts. For each section. Assume...
3) For the diagram to the right, find the following 5 pts. For each section. Assume the centroid is 244 mm from the base. Treat as solid single A) Moment area of inertia about the centroid B) Assume the beam is has a moment of M- 150 kN m. What is the bending (normal) stress at the top surface? Stat...
1 answer
A thin-wall aluminum pop can is subjected to an internal pressure of 100 psi. The diameter...
A thin-wall aluminum pop can is subjected to an internal pressure of 100 psi. The diameter and the wall thickness of the can are 2.5 inch and 0.004 inch respectively. The Young's modulus and Poisson's ratio for aluminum are E = 10 x 10 psi and V = 0.33, respectively. The circumferential stre...
1 answer
You are considering how to invest part of your retirement savings.You have decided to put $500,000...
You are considering how to invest part of your retirement savings.You have decided to put $500,000 into three​ stocks:51% of the money in GoldFinger​ (currently $28​/share), 17% of the money in Moosehead​ (currently $79​/share), and the remainder in Venture Associates&#...
1 answer
How many moles of atoms are contained in 14.6 g of Br2?
How many moles of atoms are contained in 14.6 g of Br2?...
1 answer
Hillside issues $2,600,000 of 5%, 15-year bonds dated January 1, 2017, that pay interest semiannually on...
Hillside issues $2,600,000 of 5%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,182,390 Required: 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. 2a) For each semiannual period, c...
1 answer
What would be the interest rate on a 5-year Treasury bond, given the following information? kpr...
What would be the interest rate on a 5-year Treasury bond, given the following information? kpr 1% MRs 0.1% for each year. LR-0.5% DRs 0 for a 1-year loan, 0.1% for a 2-year loan, increasing by 0.1% for each additional year. Expected inflation rates: Year 3.0% Year 2-4.0% Year 3 and thereafter: 5.0%...
1 answer
Financial Data for Energy Power Co. as of December 31, 2018: Inventory $200,000 Long-term debt 300,000...
Financial Data for Energy Power Co. as of December 31, 2018: Inventory $200,000 Long-term debt 300,000 Interest expense 15,000 Accumulated depreciation 440,000 Cash 260,000 Net sales (all credit) 1,500,000 Common stock 800,000 Accounts receivable 225,0...
1 answer
What is the capacitance of the empty shelves if they have area 0.375 m squared and...
What is the capacitance of the empty shelves if they have area 0.375 m squared and are 0.205 m apart ? What is the voltage between the two shelves if opposite charges of magnitude 3.25 x 10^9 are placed on them ? Calculate the energy stored by having this charge on the two shelves Energy Stored ...
1 answer
Discuss the critical points to capture in an elevator pitch.
Discuss the critical points to capture in an elevator pitch....
1 answer
3. Find the product(s) of the following reaction: +
3. Find the product(s) of the following reaction: +...
2 answers
How do i write these in equations to represent each situation
how do i write these in equations to represent each situation?1. the perimeter P of a rectangle is the sum of twice the length L and twice the width W2. the volume V of a rectangular prism is the product of its three dimensions: length L,width W, and height H3. The cost C of a telegram of 18 words i...
1 answer
Consider the four charges in the diagram below, in which d = 3.7 cm and q2...
Consider the four charges in the diagram below, in which d = 3.7 cm and q2 = +4 nC. The net force on the 1 nC charge is zero. What is q_1? nC...
1 answer
Peelers Smoothie Company has provided the following information Sales price per unit Variable cost per unit...
Peelers Smoothie Company has provided the following information Sales price per unit Variable cost per unit Fixed costs per month $6.50 $2.00 $1,500 Calculate the contribution margin ratio. (Round your answer to two decimal places.) OA. OB. ОС. OD, 20.00% 225.00% 69.23% 30.77%...