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 0.015 margin of error at a 95% level of confidence. a) With no prior research, what sample size should you gather in order to obtain a 0.015 margin of error? 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 p = 0.22 . Using this new information. what sample size should you gather in order to obtain a 0.015 margin of error?
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 0.015 margin of error at a 95% level of confidence. a) With no prior research, what sample size should you gather in order to obtain a 0.015 margin of error? 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 p = 0.22 . Using this new information. what sample size should you gather in order to obtain a 0.015 margin of error?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.4: Collecting Data
Problem 3E
Related questions
Question
![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
0.015 margin of error at a 95% level of confidence.
a) With no prior research, what sample size should you
gather in order to obtain a 0.015 margin of error?
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 p = 0.22 . Using this new information. what
sample size should you gather in order to obtain a 0.015
margin of error?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3537a5bf-9ba4-4d46-9d69-9809ffbc0823%2F76f24dda-2e53-4d78-ab6f-9041e6a1ad12%2F33ogrb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
0.015 margin of error at a 95% level of confidence.
a) With no prior research, what sample size should you
gather in order to obtain a 0.015 margin of error?
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 p = 0.22 . Using this new information. what
sample size should you gather in order to obtain a 0.015
margin of error?
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