An economist wants to estimate the mean income for the first year of work for college graduates who have had the profound wisdom to take a statistics course. How many such incomes must be found if we want to be 95% confident that the sample mean is within $500 of the true population mean? Assume that a previous study has revealed that for such incomes, σ = $6250

We need at least 601 incomes.

Step-by-step explanation:

We have that to find our level, that is the subtraction of 1 by the confidence interval divided by 2. So:

Now, we have to find z in the Ztable as such z has a pvalue of .

So it is z with a pvalue of , so

Now, find the margin of error M as such

In which is the standard deviation of the population and n is the size of the sample.

How many such incomes must be found if we want to be 95% confident that the sample mean is within $500 of the true population mean?

We have to find n, for which . So

Rounding up

We need at least 601 incomes.

answer: i believe it’s 245.04

step-by-step explanation:

you have to put the graph on here with the question

step-by-step explanation: