A Market Researcher Is Interested in Studying the Incomes of Consumers

question 105

Short Answer

A market researcher is interested in studying the incomes 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 income of $15,000.What is the upper end point in a 99% confidence interval for the average income?

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Definitions:

Intuition

The ability to understand or know something immediately, without the need for conscious reasoning.

Mintzberg

Henry Mintzberg, a renowned academic and author known for his work on business and organizational strategy, structures, and management.

Interpersonal Role

Pertains to the functions and behaviors an individual exhibits when interacting with others within a social or professional setting.

Figurehead

A person who holds a title or office but lacks real power or authority, often serving a symbolic role.