Sample size for estimating a population mean
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July 9, 2019Chebysef’s Inequality Problem
July 9, 2019Please help with the following problem.
It is believed that the rangeof hourly wages paid to auto mechanics in a large city is $9 (range approx. = 4sigma-squared). If we assume that hourly wages are approximately normally distributed, how large a sample is necessary so that with probability0.99 the sample meanwill be within one dollar of the true average hourly wages?
Please see the attached Word document.
Find Sample Size
1. It is believed that the range of hourly wages paid to auto mechanics in a large city is $9 (range approx. = 4sigma-squared). If we assume that hourly wages are approximately normally distributed, how large a sample is necessary so that with probability 0.99 the sample mean will be within one dollar of the true average hourly wages?
First …
This solution shows how to determine the sample size necessary to construct a confidence interval for a population mean when the margin of error must be within a given amount and the interval must have a given level of confidence.
