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Suppose you would like to conduct a survey to determine the yearly consumption of beef by a typical American and want to use 3 pounds
Suppose you would like to conduct a survey to determine the yearly consumption of beef by a typical American and want to use 3 pounds as the desired margin of error estimate of the population mean amount of beef consumed annually. Use 25 pounds as the population standard deviation and recommend a sample size for each of the following situations:
- A 90% confidence interval is desired.
- A 95% confidence interval is desired.
- A 99% confidence interval is desired.
- When the desired margin of error is set, what happens to the sample size as the confidence level is increased? Would you recommend using 99% confidence interval in this case? Explain.
This needs to be done in Excel..
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