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Chapter 8: Q.102 (page 485)

The American Community Survey (ACS), part of the United States Census Bureau, conducts a yearly census similar to the one taken every ten years, but with a smaller percentage of participants. The most recent survey estimates with 90%confidence that the mean household income in the U.S. falls between \(69,720and\)69,922. Find the point estimate for mean U.S. household income and the error bound for mean U.S. household income.

Short Answer

Expert verified

From all we see we get final answer is

Error bound for mean is EBM=$101.

and

Simple mean isx炉=$69821.

Step by step solution

01

Introduction

The error bound for a population mean is the margin of error when estimating a population mean (EBM).

02

Explanation 

The 90%confidence interval for household income in the United States,

The formula is used to compute the error bound.

EBM=Upperlimit-lower limit2

EBM=69922-697202

EBM=$101

The formula is used to get the simple mean.

x炉=UPper limitlower limit2

x炉=69922+697202

x炉=$69821

Error bound for mean is this EBM=$101

simple mean we see isx炉=$69821.

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