It costs you $10 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of $2,500. Complete parts a and b below. ..... a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 4 units in width? Assume o = 16. Select the correct choice below and fill in the answer box to complete your choice. Yes, because the required sample size is No, because the required sample size is b. If you used a 90% confidence level, would your answer to part a change? Explain. A. Yes, because the total cost decreases and the funds are now sufficient. B. No, because the total cost decreases and the funds are still sufficient. C. Yes, because the total cost now exceeds the budget. D. No, because the total cost still exceeds the budget.
It costs you $10 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of $2,500. Complete parts a and b below. ..... a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 4 units in width? Assume o = 16. Select the correct choice below and fill in the answer box to complete your choice. Yes, because the required sample size is No, because the required sample size is b. If you used a 90% confidence level, would your answer to part a change? Explain. A. Yes, because the total cost decreases and the funds are now sufficient. B. No, because the total cost decreases and the funds are still sufficient. C. Yes, because the total cost now exceeds the budget. D. No, because the total cost still exceeds the budget.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:It costs you $10 to draw a sample of sizen=1 and measure the attribute of interest. You have a budget of $2,500. Complete parts a
and b below.
.....
a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 4 units in
width? Assume o = 16.
Select the correct choice below and fill in the answer box to complete your choice.
Yes, because the required sample size is
No, because the required sample size is
b. If you used a 90% confidence level, would your answer to part a change? Explain.
A. Yes, because the total cost decreases and the funds are now sufficient.
B. No, because the total cost decreases and the funds are still sufficient.
C. Yes, because the total cost now exceeds the budget.
D. No, because the total cost still exceeds the budget.
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