Assume That the Population Standard Deviation of Annual Incomes of All

question 146

Short Answer

Assume that the population standard deviation of annual incomes of all Michigan residents is $2,500. How many individuals must we include in a simple random sample if we want to be 95% confident that the population mean incomes lies within $150 of our sample mean income?
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Definitions:

Innovation

The act of converting a concept or innovation into a product or service that adds value or is something consumers are willing to purchase.

New Idea

An original concept, thought, or innovation that has not been previously considered or implemented.

Lack of Information

A situation where insufficient or no data is available to make informed decisions or understand a situation fully.

Disruptive Innovation

Innovation that creates products or services that become so widely used that they largely replace prior practices and competitors.