Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What do you value most when shopping in a retail store? According to a survey, 27% of consumers value personalized experience most. Complete parts (a)
What do you value most when shopping in a retail store? According to a survey, 27% of consumers value personalized experience most. Complete parts (a) through (d) below. a. Suppose that the survey had a sample size of n = 900. Construct a 90% confidence interval estimate for the population proportion of consumers that value personalized experience most when shopping in a retail store? 0.2457 SIS 0.2943 (Round to four decimal places as needed.) b. Based on (a), can you claim that more than a quarter of all consumers value personalized experience most when shopping in a retail store? O A. No, because the confidence interval contains proportion values that are less than 0.25. O B. Yes, with 90% confidence because all the values contained in the confidence interval are greater than 0.25. O C. No, because a 90% confidence interval is not indicative of a guarantee. A 99.9% confidence interval would be needed to make such a claim. O D. Yes, with 90% confidence because the sample proportion is greater than a quarter, and it falls within the limits of the confidence interval estimate. c. Repeat parts (a) and (b), assuming that the survey had a sample size of n = 11,000. Construct a 90% confidence interval estimate for the population proportion of social media users that have purchased an item promoted by a celebrity on a social media site. STS (Round to four decimal places as needed.) Based on the confidence interval created using a sample size of 11,000, can you claim that more than a quarter of all social media users have purchased an item promoted by a celebrity on a social media site? O A. Yes, with 90% confidence because the sample proportion is greater than a quarter, and it falls within the limits of the confidence interval estimate. O B. Yes, with 90% confidence because all the values contained in the confidence interval are greater than 0.25. O C. No, because a 90% confidence interval is not indicative of a guarantee. A 99.9% confidence interval would be needed to make such a claim. O D. No, because the confidence interval contains proportion values that are less than 0.25. d. Discuss the effect of sample size on confidence interval estimation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started