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

question 61

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Use the given information to find the minimum sample size required to estimate an unknown population mean μ\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.


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Local Employment Customs

The traditional practices, norms, and laws that govern hiring, working conditions, and worker relations in a particular geographic area or culture.

Location Economies

The cost advantage of performing each stage in the value chain at the lowest cost for that activity.

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A corporate strategy that involves a firm offering products or services that are tailored to suit the tastes and preferences of different local markets.

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Pertaining to a small, specific area, often a community or locality, focusing on localized issues, governance, or initiatives.

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