8th Edition

ISBN: 9781337558075

Author: Charles Henry Brase, Corrinne Pellillo Brase

Publisher: Cengage Learning

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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.

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Textbook Question

Chapter 8.3, Problem 26P

Small Business: Bankruptcy The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy last year. Since there are so many small businesses, the National Council intends to estimate the proportion from a random sample. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy last year.

(a) If no preliminary sample is taken to estimate p. how large a sample is necessary to be 95 % sure that a point estimate p ^ will be within a distance of 0.10 from p?

(b) In a preliminary random sample of 38 small businesses, it was found that six had declared Chapter 11 bankruptcy. How many more small businesses should be included in the sample to be 95 % sure that a point estimate p ^ will be within a distance of 0.10 from p?

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Chapter 8.3, Problem 25P

Chapter 8.3, Problem 27P

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Chapter 8 Solutions

Understanding Basic Statistics

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Solution Summary: The author explains that the size of random sample needed to be 95% sure that a point estimate stackrelp will be within 0.10 from p when we have no preliminary estimate.

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Chapter 8 Solutions