Mathematics, 19.05.2021 18:10 haileybug0305
An important aspect of a federal economic plan was that consumers would save a substantial portion of the money that they received from an income tax reduction. Suppose that early estimates of the portion of total tax saved, based on a random sampling of 35 economists, had mean 26% and standard deviation 12%.
Required:
What is the approximate probability that a sample mean estimate, based on a random sample of n = 35 economists, will lie within 1% of the mean of the population of the estimates of all economists?
Answers: 1
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