An economist is interested in studying the incomes of consumers in a particular region. The population standard deviationis known to be $1,000. A random sampleof 50 individuals resulted in an average income of $15,000. What sample size would the economist need to use for a 95% confidence intervalif the width of the interval should not be more than $100?
This solution provides a brief, but complete explanation of how to calculate sample size. All required calculations are included.