Use the Given Information to Find the Minimum Sample Size

question 44

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean µ
-How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $131 of the population mean, and the population standard deviation is known to be $529.

• A) 44
• B) 55
• C) 63
• D) 89

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Definitions:

Output

The total amount of goods or services produced by a company or economy in a given period.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, typically resulting in the reduction of cost per unit.

Aircraft Production

The process and industry involved in designing, manufacturing, and assembling aircraft.

Newspaper Printing

The process of mass-producing copies of a newspaper document, whereby the news and other data are printed onto papers.