The monthly incomes from a random sample of workers in a factory are shown below. Monthly Income
Question: The monthly incomes from a random sample of workers in a factory are shown below.
| Monthly Income | |||
| (In $1,000) | |||
| 4.0 | |||
| 5.0 | |||
| 7.0 | |||
| 4.0 | |||
| 6.0 | |||
| 6.0 | |||
| 7.0 | |||
| 9.0 | |||
| a. | Compute the standard error of the mean (in dollars). | ||
| b. | Compute the margin of error (in dollars) at 95% confidence. | ||
| c. | Compute a 95% confidence interval for the mean of the population. Assume the population has a normal distribution. Give your answer in dollars. | ||
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Solution Format: Word Document
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