Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Martial Gender Spend Visit IncomeAge Recode(Martial)Recode(Gender) 2 2 75 12 7400 45 married male 2 3 20 3 8600 31 married prefer not to say

Martial Gender Spend Visit IncomeAge Recode(Martial)Recode(Gender)

2 2 75 12 7400 45 married male

2 3 20 3 8600 31 married prefer not to say

1 2 125 8 3600 62 single male

2 1 130 11 8700 32 married female

1 2 70 16 8800 33 single male

1 2 20 6 5300 53 single male

2 1 75 13 4100 64 married female

1 3 150 3 8300 34 single prefer not to say

1 1 85 7 8800 35 single female

2 3 150 9 4400 65 married prefer not to say

2 2 100 6 6500 51 married male

2 3 40 6 6400 52 married prefer not to say

1 1 90 5 5200 54 single female

1 2 90 8 7200 44 single male

2 1 110 2 7400 43 married female

1 3 145 11 7900 37 single prefer not to say

1 2 65 8 3400 72 single male

2 1 95 9 7300 42 married female

1 1 150 3 6800 47 single female

2 3 200 13 5200 55 married prefer not to say

Problem 3a Construct a 96% confidence interval estimate for the true population proportion of Variable 1's customers that have the attribute represented by the "1" code, based on the 20 data values you created for Variable 1 in your survey in Problem 1. Interpret your confidence interval. [6 marks]

Problem 3b

Referring to Problem 3a above, find the minimum number of customers that must be sampled in order for the 96% confidence interval estimate to be within 2% of the true population proportion Use the sample proportion from your survey in Problem 1, as the preliminary estimate of the true population proportion. Show all work [3 marks]

Problem 3c. What key assumption did you make in order to be able to use the formula shown in Problem 3a above? Is this assumption satisfied based on the 20 values you created for Variable 1 in Problem 1? Fully Explain. [2 marks]

Problem 3d.In general, what factors can affect the margin of error of the confidence interval estimate for a population proportion? Fully explain your answer. [3 marks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: Erwin Kreyszig

10th edition

470458364, 470458365, 978-0470458365

More Books

Students also viewed these Mathematics questions

Question

Performance of IPOs. How do IPOs perform over the long run?

Answered: 1 week ago