Suppose you wish to estimate the proportion of regular soft drink consumers who prefer your company's product to a competitor brand. You want to construct a 90% confidence interval with a maximum width of 6%. Based on the results of a recent marketing study, it can be expected that the true proportion of consumers who prefer your product is around 25%, so you decide to use this value as an estimate. What is the minimum number of consumers you will need to include in your survey? Round the result up to the nearest integer.
Suppose you wish to estimate the proportion of regular soft drink consumers who prefer your company's product to a competitor brand. You want to construct a 90% confidence interval with a maximum width of 6%. Based on the results of a recent marketing study, it can be expected that the true proportion of consumers who prefer your product is around 25%, so you decide to use this value as an estimate. What is the minimum number of consumers you will need to include in your survey? Round the result up to the nearest integer.
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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Suppose you wish to estimate the proportion of regular soft drink consumers who prefer your company's product to a competitor brand. You want to construct a 90% confidence interval with a maximum width of 6%. Based on the results of a recent marketing study, it can be expected that the true proportion of consumers who prefer your product is around 25%, so you decide to use this value as an estimate. What is the minimum number of consumers you will need to include in your survey? Round the result up to the nearest integer.
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