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 0.04 margin of error at a 90% level of confidence. a) With no prior research, what sample size should you gather in order to obtain a 0.04 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=0.205 Using this new information. what sample size should you gather in order to obtain a 0.04 margin of error? Round your answer up to the nearest whole number. n= _____ households

A power analysis is a calculation used to estimate the smallest sample size needed for an experiment, given a required significance level, statistical power, and effect size. It helps to determine if a result from an experiment or survey is due to chance, or if it is genuine and significant. Think of an experiment or a survey that you have conducted or will conduct in your field of interest and use it to discuss the following questions: 1. Describe the importance of power analysis in an experiment. 2. How will you determine the appropriate significance level for a power analysis? 3. Explain, in your own words, how you will conduct a power analysis in your experiment or survey.

Are America's top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at row B, the annual company percentage increase in revenue, versus row A, the CEO's annual percentage salary increase in that same company. Suppose that a random sample of companies yielded the following data: Do these data indicate that the population mean percentage difference in corporate revenue (row B) is different from the population mean percentage increase in CEO salary? Use a 1% level of significance.     (A) Are the data statistically significant at level α? Will you reject or fail to reject the null hypothesis?      Since the interval containing the P-values has values that are larger than the level of significance, the data are not statistically significant and so we fail to reject the null hypothesis.       (a)Since the interval containing the P-values has values that are larger than the level of significance, the data…

The College Board provided comparisons of Scholastic Aptitude Test (SAT) scores based on the highest level of education attained by the test taker's parents. A research hypothesis was that students whose parents had attained a higher level of education would on average score higher on the SAT. The overall mean SAT math score was 514. SAT math scores for independent samples of students follow. The first sample shows the SAT math test scores for students whose parents are college graduates with a bachelor's degree. The second sample shows the SAT math test scores for students whose parents are high school graduates but do not have a college degree. College Grads 485 487 518 517 650 542 570 426 566 499 588 562 497 448 592 453   High School Grads 442 492 580 478 479 425 486 485 528 390 524 535 (b) What is the point estimate of the difference between the means for the two populations?   (c) Find the value of the test statistic. (Round your answer…