SOLUTION: 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 suck incomes

Question 802203: 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 suck incomes must be found if we want to be 95% confident interval that the sample mean is within $500 of the true population mean?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
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 interval that the sample mean is within $500 of the true population mean?
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n = [z*s/E]^2
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n = [1.96*s/500]^2
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You need the standard deviation to find a value for "n".
Cheers,
Stan H.
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