An Economist Is Interested in Studying the Spending Habits of Consumers

question 103

Short Answer

An economist is interested in studying the spending habits of consumers in a particular region.The population standard deviation is known to be $1,000.A random sample of 50 individuals resulted in an average expense of $15,000.What is the width of the 99% confidence interval?

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Definitions:

Popularity

The status of being popular or widely appreciated and supported by a large number of individuals.

General Knowledge

The broad range of information across various fields that an individual acquires over time.

Grammatical Errors

Mistakes in the use of language according to the grammar rules of that language.

Regressing

Going back to a previous, often less developed or less functional, state or behavior.