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Mean Salary in Order to Estimate the Mean Salary for a for a Population

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Essay

Mean Salary
In order to estimate the mean salary for a population of 500 employees,the president of a certain company selected at random a sample of 40 employees. ​ ​
-{Mean Salary Narrative} Would you use the finite population correction factor in calculating the standard error of the sample mean in this case? Explain.


Definitions:

Investment Tax Credit

A tax credit offered to businesses to encourage specific types of investments.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, to reflect the true value of goods and services produced.

Investment

The action or process of allocating resources, usually money, with the expectation of generating an income or profit.

Real GDP

The measure of the value of economic output adjusted for price changes (inflation or deflation), reflecting the real quantity of goods and services produced.

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