Use the Given Information to Find the Minimum Sample Size $\mu$

question 61

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean $\mu$
-How many students must be randomly selected to estimate the mean weekly earnings of students at one college? We want 95% confidence that the sample mean is within $2 of the population mean, and the
Population standard deviation is known to be $60.

• A) 3047
• B) 2435
• C) 4886
• D) 3458

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Definitions:

Inventory Costing Method

Techniques used to assign costs to inventory and cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

Gross Profit

The financial metric calculated by subtracting the cost of goods sold from net sales, representing the profit from selling goods before deducting operating expenses.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated using a specific inventory valuation method.

FOB Destination

A shipping term indicating that the seller retains ownership and responsibility over the goods until they are delivered to the buyer's location, at which point the buyer takes over.