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

question 105

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean $\mu$
-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 $135 of the population mean,
And the population standard deviation is known to be $538.

• A) 86
• B) 62
• C) 43
• D) 54

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Definitions:

Work in Process Inventory

Represents goods that are in the process of being manufactured but are not yet completed.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Finished Goods Inventory

The stock of completed products that are ready to be sold but are still in the company's inventory.

Direct Labor Costs

Costs associated with employees who are directly involved in the production of goods or services.