Asked by kayla harrison on Apr 27, 2024
Verified
The monthly incomes from a random sample of workers in a factory are shown below. 
a.
Compute the standard error of the mean (in dollars).
b.
Compute the margin of error (in dollars) at 95% confidence.
c.
Compute a 95% confidence interval for the mean of the population.Assume the population has a normal distribution.Give your answer in dollars.
Standard Error
A measure of the variability or dispersion of a sampling distribution.
Margin of Error
The largest anticipated discrepancy between the actual population parameter and its estimate derived from a sample.
Normal Distribution
A symmetric, bell-shaped distribution of data in which most of the observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.
- Grasp the concept of forming a confidence interval for a population mean.
- Become proficient in understanding the standard error and margin of error.
- Familiarize oneself with the idea of the standard error of the mean.
Verified Answer
JM
Janette MarteApr 28, 2024
Final Answer :
a.
$453.16 (rounded)
b.
$1071.73 (rounded)
c.
$4678.27 to $6821.73
a.
$453.16 (rounded)
b.
$1071.73 (rounded)
c.
$4678.27 to $6821.73
Learning Objectives
- Grasp the concept of forming a confidence interval for a population mean.
- Become proficient in understanding the standard error and margin of error.
- Familiarize oneself with the idea of the standard error of the mean.