Answered: You work for a marketing firm that has…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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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