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 0.02 margin of error at a 99% level of confidence. 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=0.205 . Using this new information. what sample size should you gather in order to obtain a 0.02 margin of error?

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Q: a) With no prior research, what sample size should you gather in order to obtain a 0.02 margin of…

A: margin of error = zα p(1-p)/n margin of error = 0.02 for 95% confidence interval zα = 1.96

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.