Past surveys reveal that 30% of tourists going to Las Vegas to gamble spend more than $1,000.

Question:

Past surveys reveal that 30% of tourists going to Las Vegas to gamble spend more than $1,000. The Visitor’s Bureau of Las Vegas wants to update this percentage.
a. How many tourists should be randomly selected to estimate the population proportion with a 99.9% confidence level and a 1% margin of error?
b. The Bureau feels the sample size determined above is too large. What can be done to reduce the sample? Based on your suggestion, recalculate the sample size.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Statistical Techniques In Business And Economics

ISBN: 9781265779696

19th Edition

Authors: Douglas Lind, William Marchal, Samuel Wathen

Question Posted: