A union of restaurant and foodservice workers would like to estimate the meanhourly wage,(m), of foodservice workers in the U.S. The union will choose a random sampleof wages and then estimate (m) using the mean of the sample. What is the minimum sample size needed in order for the union to be 99% confident that its estimate is within $0.45 of (m)? Suppose that the standard deviationof wages of foodservice workers in the U.S. is about $2.25 . (m)= the greek letter “mu”) is used to denote the population mean.
Step-by-step solution is provided.