A Researcher Wants to Estimate the Starting Salary of Assistant

question 56

Short Answer

A researcher wants to estimate the starting salary of Assistant Professors in Economics with a margin of error of $400 for a 95% confidence interval. If the standard deviation of those salaries is assumed to be $3600, what is the minimum sample size she should use?

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Definitions:

Continuous Process

A production process that operates without interruption, as opposed to discrete manufacturing processes that are set up and stopped in between the production of different products.

Service Providers

Companies or individuals who offer services to others, as opposed to selling physical products.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization, focusing on converting materials and labor into goods and services as efficiently as possible.

Scheduling Chart

A visual tool used to plan and display the timeline of tasks and activities in a project or process.