The Monthly Incomes from a Random Sample of Workers in a Factory

question 113

Essay

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.
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Definitions:

Pigouvian Tax

A tax imposed on activities that generate negative externalities, aimed at correcting an inefficient market outcome.

Marginal Social Benefits

The incremental benefit the public receives from consuming an additional unit of a good or service.

Marginal Private Benefits

The additional benefits received by an individual or firm from consuming or producing one extra unit of a good, not considering external effects.

Government Intervention

Actions taken by the government to influence or regulate various activities and outcomes in the economy, such as setting taxes, subsidies, regulations, and price controls.