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:

Vertical Merger

A merger in which a company at one level of the manufacturing-distribution system acquires a company at another level of the system.

Tying Arrangement

Illegal agreement in which the sale of one product is tied to the sale of another.

Antitrust Laws

Legislation enacted to promote competition and prevent monopolies by regulating anti-competitive business practices.

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Equipment used for underwater diving that allows a diver to breathe underwater, typically including items such as a mask, fins, regulator, and an air tank.