(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 intervalfor their meanincome with an error of $100 can be constructed. If the population standard deviationis 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
This solution identifies the correct sample size and justifies why.