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In a small town, income level of households is an area of investigation. A researcher takes...

In a small town, income level of households is an area of investigation. A researcher takes a small sample. The following is the results: Sample size is 100. ?̅= 70 thousand. s= 5 thousand. Conf. Level Alpha Z 90% 10% 1.64 95% 5% 1.96 99% 1% 2.58 a) Construct a 95% confidence interval estimate for the population mean income level in this area.

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Answer #1

Z for 95% confidence interval = 1.96

confidence interval

                              

                              

                               = (69.02 , 70.98) thousand

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