You want to determine the percentage of Fortune 500 CEOs who think Indiana University (IU) deserves its current Business Week rating. You mail a questionnaire to all 500 CEOs and 160 respond. Exactly half of the respondents believe IU does deserve its ranking. Calculate a 95% confidence interval for the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Round your answers to three decimal places, if necessary. Lower Limit   Upper Limit   Suppose again that you want to estimate the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Your goal is to have only a 5% chance of having your estimate be in error by more than 0.025. What size sample would you need to take? Round your answer up to the nearest whole number, if necessary. Is it possible to implement this result? Is the finite population correction (fpc) relevant here? Explain. Round your answers for the standard error to three decimal places, if necessary. With the sample size of 160,  % of the population is being sampled, so the fpc be used. It affects the standard error from to , which the width of the confidence interval

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%

You want to determine the percentage of Fortune 500 CEOs who think Indiana University (IU) deserves its current Business Week rating. You mail a questionnaire to all 500 CEOs and 160 respond. Exactly half of the respondents believe IU does deserve its ranking.

  1. Calculate a 95% confidence interval for the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Round your answers to three decimal places, if necessary.

    Lower Limit  
    Upper Limit  
  2. Suppose again that you want to estimate the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Your goal is to have only a 5% chance of having your estimate be in error by more than 0.025. What size sample would you need to take? Round your answer up to the nearest whole number, if necessary.

    Is it possible to implement this result?

  3. Is the finite population correction (fpc) relevant here?

    Explain. Round your answers for the standard error to three decimal places, if necessary.

    With the sample size of 160,  % of the population is being sampled, so the fpc be used. It affects the standard error from to , which the width of the confidence interval.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman