Use the Given Information to Find the Minimum Sample Size

question 39

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean µ.
-How many weeks of data must be randomly sampled to estimate the mean weekly sales of a new line of athletic footwear? We want 99% confidence that the sample mean is within $200 of the population mean, and the population standard deviation is known to be $1400.

• A) 325
• B) 189
• C) 133
• D) 267

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Definitions:

Trade Deficit

A state where the amount of goods and services brought into a country is higher than the amount sent out, leading to an adverse balance of trade.

Balance Of Trade

The difference in value between a country's exports and imports over a specific period, indicating the net earnings from international trade.

Goods

Physical items that are produced for sale and consumption to satisfy human wants, such as food, clothing, and cars.

Services

Intangible products such as healthcare, education, and banking, that provide value or meet needs without producing physical goods.