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18) It costs you $8 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of
18)
It costs you $8 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of $1,500. Complete parts a and b below. - . a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 6 units in width? Assume o = 15. Select the correct choice below and fill in the answer box to complete your choice. O Yes, because the required sample size is O No, because the required sample size isb. If you used a 90% confidence level, would your answer to part a change? Explain. O A. Yes, because the total cost now exceeds the budget. O B. Yes, because the total cost decreases and the funds are now sufficient. O C. No, because the total cost decreases and the funds are still sufficient. O D. No, because the total cost still exceeds the budgetStep by Step Solution
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