What does brand loyalty mean to consumers? According to a recent research report, 39% of consumers associate trust with brand loyalty. Complete parts (a) through (e) below. a. To conduct a follow-up study that would provide 95% confidence that the point estimate is correct to within ±0.05 of the population proportion, how large a sample size is required? A sample size of O consumers is required. (Round up to the nearest integer.) b. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within +0.05 of the population proportion, how many people need to be sampled? A sample size of O consumers is needed. (Round up to the nearest integer.) c. To conduct a follow-up study that would provide 95% confidence that the point estimate is correct to within ±0.02 of the population proportion, how large a sample size is required? A sample size of Oconsumers is required. (Round up to the nearest integer.)
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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