A union of restaurant and foodservice workers would like to estimate the mean hourly wage, u, of foodservice workers in the U.S. The union will choose a random sample of wages and then estimate u using the mean of the sample. What is the minimum sample size needed in order for the union to be 99% confident that its estimate is within $0.50 of u? Suppose that the standard deviation of wages of foodservice workers in the U.S. is about $2.25. Carry your intermediate computations to at least three decimal places. Write your answer as a whole number (and make sure that it is the minimun whole number that satisfies the requirements).
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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