Post a New Question

statistics

posted by .

An economist wants to estimate the mean income for the first year of work for college
graduates who majored in biology. How many such incomes must be found if the
economist wants to be 95% confident that the sample mean is within $500 of the true
population mean? Assume that research has found that the population standard
deviation for such incomes is equal to $6,250.

  • statistics -

    95% = mean ± 1.96 SEm

    1.96 SEm = $500

    SEm = SD/√n

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Statistics

    Suppose the mean income of 35-year-olds in the U.S. is $25,000. A random sample of 150 35-year-olds in California results in a sample mean income of $26,600 and a sample standard deviation of $3800. At the 5% significance level, can …
  2. Statistics

    I am not sure how to even get started on this question could someone help please. A college advisor wants to estimate the mean annual income of all college students who graduated last year. It is believed that the incomes follow a …
  3. statistics

    The National Center for Education surveyed 4400 college graduates about the lengths of time required to earn their bachelor's degrees. The sample mean is 5.15 years, and assume that standard deviation is known to be 1.68 years. Based …
  4. Statistics

    A random sample of customer incomes yields a mean income of $35000 with a standard deviation of $4500. Assume that the distribution of the incomes in normal. What income range would include 90% of the most popular incomes?
  5. statistics

    Is there a significant difference between first year post college incomes of graduates from public versus private institutions?
  6. Statistics

    Suppose the mean income of 35-year-olds in the US is $25,000. A random sample of 150 35-year-olds in California results in a sample mean income of $26,600 and a sample standard deviation of $3800. At the 5% significance level, ca we …
  7. Math

    The college president asks the statistics teacher to estimate the average age of the students at their college. How large a sample is necessary?
  8. Statistics

    The Economic Policy Institute periodically issues reports on wages of entry-level workers. The institute reported that entry-level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per …
  9. Statistics

    The Tyco Video Game Corporation finds that it is losing income because of slugs used in its video games. The machines must be adjusted to accept coins only if they fall within set limits. In order to set those limits, the mean wight …
  10. Statistics

    The Tyco Video Game Corporation finds that it is losing income because of slugs used in its video games. The machines must be adjusted to accept coins only if they fall within set limits. In order to set hose limits, the mean weight …

More Similar Questions

Post a New Question