Question: What do you value most when shopping in a retail store? According to a TimeTrade survey, 26% of consumers value personalized experience most. Source: Data

What do you value most when shopping in a retail store? According to a TimeTrade survey, 26% of consumers value personalized experience most.

Source: Data extracted from “The State of Retail, 2017,” TimeTrade, bit.ly/2rFGf7o.

a. Suppose that the survey had a sample size of n = 1,000. Construct a 95% confidence interval estimate for the population proportion of consumers that value personalized experience most when shopping in a retail store?

b. Based on (a), can you claim that more than a quarter of all consumers value personalized experience most when shopping in a retail store?

c. Repeat parts (a) and (b), assuming that the survey had a sample size of n = 10,000.

d. Discuss the effect of sample size on confidence interval estimation.

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