You Are Trying to Estimate the Average Amount a Family

question 22

Essay

You are trying to estimate the average amount a family spends on food during a year.In the past the standard deviation of the amount a family has spent on food during a year has been approximately $800.If you want to be 95% sure that you estimated average family food expenditures within $50,how many families do you need to survey?

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Definitions:

Das Kapital

A foundational text in Marxist theory written by Karl Marx, critiquing the political economy and capitalism.

Karl Marx

A philosopher, economist, and revolutionary socialist from the 19th century recognized for his insights on capitalism and communism.

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