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An Electronics Retailer Is Interested in Studying the Incomes of Consumers

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Essay

An electronics retailer is interested in studying the incomes of consumers in a particular area.The population standard deviation is known to be $1,000.What sample size would the researcher need to use for a 95% confidence interval if the difference between UCL and LCL should not be more than $100?


Definitions:

Nominal Or Interval

Categories of measurement scales in statistics where nominal involves labeling without a natural order and interval implies ordered categories with meaningful intervals between values.

Level Of Measurement

The nature of the information within the values assigned to variables, indicating the degree to which mathematical operations can be performed.

Frequency Distribution

A frequency distribution is a summary of data showing the number (frequency) of observations in each of several non-overlapping categories or classes.

Jobs

Positions of employment or activities performed by individuals, often for compensation.

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