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Q.102

Expert-verifiedFound in: Page 485

Book edition
OER 2018

Author(s)
Barbara Illowsky, Susan Dean

Pages
902 pages

ISBN
9781938168208

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.

From all we see we get final answer is

Error bound for mean is $EBM=\$101$.

and

Simple mean is $\overline{x}=\$69821$.

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

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

The formula is used to compute the error bound.

$EBM=\frac{{U}_{pper}\text{limit-lower limit}}{2}$

$EBM=\frac{69922-69720}{2}$

$EBM=\$101$

The formula is used to get the simple mean.

$\overline{x}=\frac{{U}_{\text{Pper limit}}\text{lower limit}}{2}$

$\overline{x}=\frac{69922+69720}{2}$

$\overline{x}=\$69821$

Error bound for mean is this $EBM=\$101$

simple mean we see is $\overline{x}=\$69821$.

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