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Description: A union of restaurant and foodservice workers would like to estimate the mean hourly wage, μ, of foodservice workers in the U.S. The union will choose a random sample of wages and then estimate μ using the mean of the sample. What is the minimum samp

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A union of restaurant and foodservice workers would like to estimate the mean hourly wage, μ, of foodservice workers in the U.S. The union will choose a random sample of wages and then estimate μ using the mean of the sample. What is the minimum sample size needed in order for the union to be 90% confident that its estimate is within $0.50 of μ? Suppose that the standard deviation of wages of foodservice workers in the U.S. is about $2.20.

Carry your intermediate computations to at least three decimal places. Write your answer as a whole number (and make sure that it is the minimum whole number that satisfies the requirements).

(If necessary, consult a list of formulas.)

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