Hiring In preparing a report on the economy, we need toestimate the percentage of businesses that plan to hireadditional employees in the next 60 days.a) How many randomly selected employers must wecontact in order to create an estimate in which we are98% confident with a margin of error of 5%?b) Suppose we want to reduce the margin of error to 3%.What sample size will suffice?c) Why might it not be worth the effort to try to get aninterval with a margin of error of only 1%?
Hiring In preparing a report on the economy, we need toestimate the percentage of businesses that plan to hireadditional employees in the next 60 days.a) How many randomly selected employers must wecontact in order to create an estimate in which we are98% confident with a margin of error of 5%?b) Suppose we want to reduce the margin of error to 3%.What sample size will suffice?c) Why might it not be worth the effort to try to get aninterval with a margin of error of only 1%?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter0: Preparing For Algebra
Section0.11: Simple Probability And Odds
Problem 13E
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Hiring In preparing a report on the economy, we need to
estimate the percentage of businesses that plan to hire
additional employees in the next 60 days.
a) How many randomly selected employers must we
contact in order to create an estimate in which we are
98% confident with a margin of error of 5%?
b) Suppose we want to reduce the margin of error to 3%.
What sample size will suffice?
c) Why might it not be worth the effort to try to get an
interval with a margin of error of only 1%?
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