A large retailer wants to estimate the proportion of Hispanic customers in a particular state. First, think about how large a sample size (of the retailer’s customers) would be needed to estimate this proportion to within 0.04 accuracy and with 99% confidence. Assume there is no planning value for p* available. Which of the following statements would be true IF you decided to go for 0.01 accuracy instead of 0.04 accuracy? a. Sample_size for (0.01) = 16*Sample_size for (0.04) b. Sample_size for (0.01) = 4*Sample_size for (0.04) c. Sample_size for (0.01) = (1/16)*Sample_size for (0.04) d. Sample_size for (0.01) = Sample_size for (0.04) as long as the confidence level is the same.
A large retailer wants to estimate the proportion of Hispanic customers in a particular state. First, think about how large a
a. Sample_size for (0.01) = 16*Sample_size for (0.04)
b. Sample_size for (0.01) = 4*Sample_size for (0.04)
c. Sample_size for (0.01) = (1/16)*Sample_size for (0.04)
d. Sample_size for (0.01) = Sample_size for (0.04) as long as the confidence level is the same.
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