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It costs you $10 to draw a sample of size n=1 and measure the attribute of interest. You have a budget of $1,500. Do you
It costs you $10 to draw a sample of size n=1 and measure the attribute of interest. You have a budget of $1,500. Do you have enough funds to estimate the population mean for the attribute of interest with a 95% confidence interval that is 6 units in width? Assume Standard Deviation is 14.
a. Yes, because the required sample size is 84
b. No, because the required sample size is 84
c. Yes, because the required sample size is 221
d. No, because the required sample size is 160
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