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.