A Market Researcher Is Interested in Studying the Incomes of Consumers

question 105

Short Answer

A market researcher is interested in studying the incomes 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 income of $15,000.What is the upper end point in a 99% confidence interval for the average income?

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Definitions:

Loanable Funds

The money available for borrowing in the financial markets, determined by savings and demands for investment.

Public Saving

The tax revenue that the government has left after paying for its spending.

Personal Saving

The portion of an individual's income that is not spent on consumption or taxes and is set aside for future use or investment.

Loanable Funds Curve

A graphical representation of the market for loanable funds, showing the relationship between the interest rate and the quantity of loanable funds supplied and demanded.