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 98% 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 answer up to the nearest whole number. n = 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 of P=0.23. Using this new information. what sample size should you gather in order to obtain a 0.03 margin of error? Round your answer up to the nearest whole number.
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 98% 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 answer up to the nearest whole number. n = 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 of P=0.23. Using this new information. what sample size should you gather in order to obtain a 0.03 margin of error? Round your answer up to the nearest whole number.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 5E: List the sample space of each experiment. Rolling one die and tossing one coin
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