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Mathematics, 13.04.2021 23:50 monnicawilliam
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 0.025 margin of error at a 80% level of confidence.
a) With no prior research, what sample size should you gather in order to obtain a 0.025 margin of error? Do not round until your final answer.
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
ˆ
p
=
0.225
. Using this new information. what sample size should you gather in order to obtain a 0.025 margin of error? Do not round until your final answer.
n =
households
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Answers: 3
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