You work for a marketing firm that has a large number of clients in the automobile in the 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 80% confidence level.  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. You conduct a small preliminary sample, and you obtain a sample proportion of p=0.235. Using this new information, what sample size should you gather in order to obtain a 0.015 margin of error?

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A:

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A: Mean = 56.64 Standard deviation = 14.598 n=100

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A: Given :

Q: What are two ways to get a narrower confidence interval for a proportion?

A: Two ways to get a narrower confidence interval for a proportion are:

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A:

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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.