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.

Q: 4. You want to obtain a sample to estimate a population mean. Based on previous evidence, you…

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Q: No programming please. I don’t want a code as an answer.

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Q: What size sample should be used to estimate a population proportion within 0.02 with 80% confidence…

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Q: The mean amount of money last year spent by customers at the Texas Roadhouse in Cedar Falls, Iowa…

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Q: The height of women ages 20-29 is normally distributed, with a mean of 63.9 inches. Assume o = 2.5…

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Q: What is the mean of this distribution?   What is the standard error of this distribution?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.