Personal data is the new currency of the digital economy. How do consumers feel about sharing personal data with their communication service providers (CSPs)? A recent IBA report highlights that 40 % of 18-to 25-year-old consumers are comfortable sharing personal data with their CSPs. a. To conduct a follow-up study that would provide 99 % confidence that the point estimate is correct to within ± 0.03 of the population , how many 18- to 25-year-old consumers need to be sampled? b. To conduct a follow-up study that would provide 99 % confidence that the point estimate is correct to within ± 0.05 of the population , how many 18- to 25-year-old consumers need to be sampled? c. Compare the results of (a) and (b).
Personal data is the new currency of the digital economy. How do consumers feel about sharing personal data with their communication service providers (CSPs)? A recent IBA report highlights that 40 % of 18-to 25-year-old consumers are comfortable sharing personal data with their CSPs. a. To conduct a follow-up study that would provide 99 % confidence that the point estimate is correct to within ± 0.03 of the population , how many 18- to 25-year-old consumers need to be sampled? b. To conduct a follow-up study that would provide 99 % confidence that the point estimate is correct to within ± 0.05 of the population , how many 18- to 25-year-old consumers need to be sampled? c. Compare the results of (a) and (b).
Solution Summary: The author determines the sample size of 18-to-25-year-old consumers, based on a sampling error (e) of 0.03, the required confidence level 99%
Personal data is the new currency of the digital economy. How do consumers feel about sharing personal data with their communication service providers (CSPs)? A recent IBA report highlights that
40
%
of 18-to 25-year-old consumers are comfortable sharing personal data with their CSPs.
a. To conduct a follow-up study that would provide
99
%
confidence that the point estimate is correct to within
±
0.03
of the population , how many 18- to 25-year-old consumers need to be sampled?
b. To conduct a follow-up study that would provide
99
%
confidence that the point estimate is correct to within
±
0.05
of the population , how many 18- to 25-year-old consumers need to be sampled?
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