A certain California winery produces 720,000 bottles of wine each year. Suppose you want to estimate the
Question:
A certain California winery produces 720,000 bottles of wine each year. Suppose you want to estimate the proportion of those bottles that have cork taint (i.e., the wine is spoiled due to a failure of the cork). Suppose that 4% of all corked wine has cork taint. Using this as a pre-liminary guess of p, how many bottles of wine would need to be included in a random sample if you want the standard error of your estimate to be less than or equal to 1 percentage point?40
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