[Solved] An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000.
Question: An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in an average income of $15,000. What total sample size would the economist need to use for a 95% confidence interval if the width of the interval should not be more than $100?
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