Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the answer was incorrect and I need to know the correct answer. the first part of it is correct. I'm posting it all here to

the answer was incorrect and I need to know the correct answer. the first part of it is correct. I'm posting it all here to see. You work for a marketing firm that has a large client in the automobile industry. You have been asked to estimate the proportion of households in Chicago that have two or more vehicles. You have been assigned to gather a random sample that could be used to estimate this proportion to within a 0.03 margin of error at a 99% level of confidence.

a) With no prior research, what sample size should you gather in order to obtain a 0.03 margin of error? Round your answerup to the nearest whole number.

n = Correct households

b) Your firm has decided that your plan is too expensive, and they wish to reduce the sample size required. You conduct a small preliminary sample, and you obtain a sample proportion ofp=0.18p^=0.18. Using this new information.what sample size should you gather in order to obtain a 0.03 margin of error? Round your answerup to the nearest whole number.

n = Incorrect households answer for part B only! I need part be

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

Several Real Variables

Authors: Shmuel Kantorovitz

1st Edition

3319279564, 9783319279565

More Books

Students also viewed these Mathematics questions

Question

Explain Galens pneuma concept of the soul.

Answered: 1 week ago