Use the Given Information to Find the Minimum Sample Size

question 132

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean µ.
-How many commuters must be randomly selected to estimate the mean driving time of Chicago commuters? We want 99% confidence that the sample mean is within 4 minutes of the population mean, and the population standard deviation is known to be 6 minutes.

• A) 7
• B) 9
• C) 13
• D) 15

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Definitions:

Corrected Earnings

Adjusted financial figures that account for errors, unusual occurrences, or non-recurring events to provide a clearer picture of a company's performance.

Employment Discrimination

Unfair treatment of employees or job applicants based on race, gender, age, religion, nationality, physical disabilities, or sexual orientation, rather than on their qualifications or performance.

Productivity Factors

Elements that contribute to the efficiency with which inputs are converted into outputs, such as technology, innovation, and labor skills.

Mean Earnings

The average income that a group of individuals or entities earns over a specified period.