You work for a marketing firm that has a large client in the automobile industry. You have been asked to estimate the proportion of households in Chicago that have two or more vehicles. You have been assigned to gather a random sample that could be used to estimate this proportion to within a 0.035 margin of error at a 99% level of confidence. a) With no prior research, what sample size should you gather in order to obtain a 0.035 margin of error? Round your answer up to the nearest whole number. b) Your firm has decided that your plan is too expensive, and they wish to reduce the sample size required. You conduct a small preliminary sample, and you obtain a sample proportion of ˆp=0.235p^=0.235 . Using this new information. what sample size should you gather in order to obtain a 0.035 margin of error? Round your answer up to the nearest whole number
You work for a marketing firm that has a large client in the automobile industry. You have been asked to estimate the proportion of households in Chicago that have two or more vehicles. You have been assigned to gather a random sample that could be used to estimate this proportion to within a 0.035 margin of error at a 99% level of confidence.
a) With no prior research, what sample size should you gather in order to obtain a 0.035 margin of error? Round your answer up to the nearest whole number.
b) Your firm has decided that your plan is too expensive, and they wish to reduce the sample size required. You conduct a small preliminary sample, and you obtain a sample proportion of ˆp=0.235p^=0.235 . Using this new information. what sample size should you gather in order to obtain a 0.035 margin of error? Round your answer up to the nearest whole number.
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