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Sample Size of Study Incomes in a Region

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(TCO 1) An economist is interested in studying the incomes of consumers in a particular region. The economist needs to know how large a sample should be taken so that a 95% confidence interval for their mean income with an error of $100 can be constructed. If the population standard deviation is known to be $5,000 what sample size would the economist need to use?

Sample Size = 1000
Sample Size = 98
Sample Size = 9604
Sample Size = 6766

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Solution Summary

This solution identifies the correct sample size and justifies why.

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