One of your employees has suggested that your company develop a new product. You decide to take a random sample of your customers and ask whether or not there is interest in the new product. The response is on a 1 to 5 scale with 1 indicating “definitely would not purchase”; 2, “probably would not purchase”; 3, “not sure”; 4, “probably would purchase”; and 5, “definitely would purchase.” For an initial analysis, you will record the responses 1, 2, and 3 as No and 4 and 5 as Yes. What sample size would you use if you wanted the 95% margin of error to be 0.25 or less?
One of your employees has suggested that your company develop a new product. You decide to take a random sample of your customers and ask whether or not there is interest in the new product. The response is on a 1 to 5 scale with 1 indicating “definitely would not purchase”; 2, “probably would not purchase”; 3, “not sure”; 4, “probably would purchase”; and 5, “definitely would purchase.” For an initial analysis, you will record the responses 1, 2, and 3 as No and 4 and 5 as Yes. What sample size would you use if you wanted the 95% margin of error to be 0.25 or less?
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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One of your employees has suggested that
your company develop a new product. You decide to take a random sample of your customers and
ask whether or not there is interest in the new product. The response is on a 1 to 5 scale with 1
indicating “definitely would not purchase”; 2, “probably would not purchase”; 3, “not sure”; 4,
“probably would purchase”; and 5, “definitely would purchase.” For an initial analysis, you will
record the responses 1, 2, and 3 as No and 4 and 5 as Yes. What
wanted the 95% margin of error to be 0.25 or less?
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