The Minimum Sample Size N Required to Estimate a Population

question 30

Multiple Choice

The minimum sample size n required to estimate a population mean with 95% confidence and the assumed estimate of the population standard deviation 6.5 was found to be 124. Which of the following is the approximate value of the assumed desired margin of error?

• A) D = 0.9220
• B) D = 0.9602
• C) D = 1.1441
• D) D = 1.3090

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Definitions:

Labor Unions

Organizations formed by workers to protect their rights and interests through collective bargaining with employers regarding wages, work hours, and working conditions.

Efficiency Wages

Wages that an employer sets above the market equilibrium level to increase worker productivity and loyalty.

Above-Equilibrium

A situation where the price of a good or service is higher than the equilibrium price, leading to a surplus.

Private Businesses

Enterprises owned, controlled, and operated by private individuals or entities, aiming to generate profits.