Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 95% level of confidence. a) With no prior research, what sample size should you gather in order to obtain a 0.03 margin of error? 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 of f = 0.235 . Using this new information. what sample size should you gather in order to obtain a 0.03 margin of error? You want to obtain a sample to estimate a population proportion. Based on previous evidence, you believe the population proportion is approximately o 90%. You would like to be 95% confident that your esimate is within 1.5% of the true population proportion. How large of a sample size is required? Do not round mid-calculation. You want to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable estimate for the population proportion. You would like to be 95% confident that you esimate is within 5% of the true population proportion. How large of a sample size is required? Do not round mid-calculation
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