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.
Definitions:
Variable Costs
Costs that vary directly with the level of production or volume of output, such as raw materials and labor directly involved in manufacturing.
Activity Levels
A measure used in cost accounting to evaluate the relation between the cost of a particular activity and the level of activity executed.
Operating Leverage
A measure of how revenue growth translates into growth in operating income, determined by the proportion of fixed versus variable costs a company has.
Contribution Margin
The difference between sales revenue and variable costs, indicating how much contributes towards covering fixed costs and generating profit.
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