A marketing researcher is hired by a corporation to conduct a study and estimate the population mean for the attribute of interest using a 95% confidence interval with a maximum error of 3.5. It will cost the researcher $11 per sample to conduct the study and the researcher has been given a budget of $1,500 to conduct the study. Based on prior studies the researcher can estimate the standard deviation using, σ≈17�≈17. Step 2 of 3 : How much will it cost the researcher to conduct this study?
A marketing researcher is hired by a corporation to conduct a study and estimate the population mean for the attribute of interest using a 95% confidence interval with a maximum error of 3.5. It will cost the researcher $11 per sample to conduct the study and the researcher has been given a budget of $1,500 to conduct the study. Based on prior studies the researcher can estimate the standard deviation using, σ≈17�≈17. Step 2 of 3 : How much will it cost the researcher to conduct this study?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
A marketing researcher is hired by a corporation to conduct a study and estimate the population mean for the attribute of interest using a 95% confidence interval with a maximum error of 3.5. It will cost the researcher $11 per sample to conduct the study and the researcher has been given a budget of $1,500 to conduct the study. Based on prior studies the researcher can estimate the standard deviation using, σ≈17�≈17.
Step 2 of 3 :
How much will it cost the researcher to conduct this study?
Expert Solution
Step 1: Determine the given variables.
The question is about sample size estimation.
Given :
Level of confidence ( C ) = 0.95
Maximum error ( E ) = 3.5
Population standard deviation ( 
) = 17
To find :
Cost to conduct the study.
Step by step
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