Farmer's Corporation made a report that the mean annualhousehold income of its readers is $119,155 (Thebill, March 2017).Assume this estimate of the mean annual household income is basedon a sample of 80 households, and, based on past studies thepopulation standard deviation is known to be σ = $30,000.00.
- Developed a 90% confidence interval estimate of the populationmean
- Developed a 95% confidence interval estimate of the populationmean.
- Developed a 99% confidence interval estimate of the populationmean
- Discuss what happens to the width of the confidence interval asthe confidence level is increased. Does this result seemreasonable? Explain.
