The monthly incomes from a random sample of workers in a factory are shown below.
a.Compute the standard error of the mean (in dollars).
b.Compute the margin of error (in dollars) at 95% confidence.
c.Compute a 95% confidence interval for the mean of the population. Assume the population has a normal distribution. Give your answer in dollars.
Definitions:
Social Mobility
The relocation of single people, families, or groups across different levels within a social hierarchy or stratification system.
Social Stratification
The arrangement of individuals in a society into hierarchical levels based on factors like wealth, power, and social status.
Global Middle Class
A socioeconomic group that is characterized by stable income, education, and employment levels, and is growing in numbers worldwide, particularly in developing nations.
Occupational Prestige
The collective respect, admiration, or perceived value that society allocates to various professions or occupations.
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