The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year. (a) If no preliminary sample is taken to estimate p, how large a sample is necessary to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p? (b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?
The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year. (a) If no preliminary sample is taken to estimate p, how large a sample is necessary to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p? (b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?
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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The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year.
(a) If no preliminary sample is taken to estimate p, how large a sample is necessary to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?
(b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?
(b) In a preliminary random sample of 30 small businesses, it was found that fourteen had declared Chapter 11 bankruptcy. How many more small businesses should then be included in a sample to be 99% sure that a point estimate p̂ will be within a distance of 0.080 from p?
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