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 0.02 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 0.02 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 ˆp=0.195 Using this new information. what sample size should you gather in order to obtain a 0.02 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 0.02 margin of error at a 98% level of confidence.
a) With no prior research, what
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 ˆp=0.195 Using this new information. what sample size should you gather in order to obtain a 0.02 margin of error? Round your answer up to the nearest whole number.
n = households
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
