The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year. (a) If no preliminary sample is taken to estimate p, how large a sample is necessary to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p? (b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?

The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year. (a) If no preliminary sample is taken to estimate p, how large a sample is necessary to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p? (b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.4: Collecting Data

Problem 2E

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