An economist is interested in studying the spending habits of consumers in a particular region. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in an average expense of $15,000. What is the width of the 99% confidence interval for the mean of expense? a. 364.28 b. 728.55 c. 329.00 d. 657.99

The  width is  

Step-by-step explanation:

From the question we are told that

   The population standard deviation is  

    The  sample size is  

    The sample mean  is  

Given that the confidence level is  99% then the level of significance is mathematically represented as  

=>            

=>            

Next we obtain the critical value of   from the normal distribution table, the value is

Generally margin of error is mathematically represented as

substituting values

The width of the 99% confidence interval is mathematically evaluated as

substituting values