Determining the essential sample size

Reference no: EM1319315

Q1) Population is estimated to have standard deviation of 10. We wish to evaluate the population mean within 2, with 95 percent level of confidence. How large sample is needed?

Q2) A survey is being considered to find out the mean amount of time corporation executives watch television. Pilot survey pointed out that mean time per week is 12 hours, with a standard deviation of 3 hours. It is wished to evaluate the mean viewing time within one-quarter hour. 95 percent level of confidence is to be used. How many executives must be surveyed?

Q3) Past surveys disclose that 30% of tourists going to Las Vegas to gamble during weekend spend more than $ 1,000. Las Vegas Area Chamber of Commerce wants to update this percentage.

a) New study is to use 90% confidence level. Estimate is to be within 1 percent of population proportion. Determine the essential sample size?

b) Management said that sample size determined above is too large. What can be done to decrease the sample? Based on your suggestion recompute the sample size.

Reference no: EM1319315

Questions Cloud

Realized yield on the bonds : Four years ago, Lisa Stills bought six-year, 12.38 percent coupon bonds issued by the Fairways Corp. for $947.68. If she sells these bonds at the current price of $886.85, what will be her realized yield on the bonds? Assume similar coupon-payi..

Determining sample size required : The manager requires the estimate to be within 1.0 minutes of the population value. What sample size is needed?

Most macroeconomists believe it is a good thing : Most macroeconomists believe it is a good thing to taxes act as automatic stabilizers also lower the size of the multiplier.

Feasibility analysis : What is meant by the feasibility analysis? Explain how that experience relates to one or more of feasibility tests for technical, operational, schedule, or economic feasibility.

Determining the essential sample size : New study is to use 90% confidence level. Estimate is to be within 1 percent of population proportion. Determine the essential sample size?

Make an equation of the line with a slope of two : Make an equation of the line with a slope of two

Annual coupon payments : Four years ago, Lisa Stills bought six-year, 12.38 percent coupon bonds issued by the Fairways Corp. for $947.68. If she sells these bonds at the current price of $886.85, what will be her realized yield on the bonds? Assume similar coupon-paying ..

What is level of utility the person will attain : Illustrate what is level of utility the person will attain on a daily basis. Illustrate what will be the average level of utility attained per day during the year.

Reason for choosing the test statistic : With the test statistic you chose, work out the problem with solution using .05 level of significance if it applies.

User Account

All Pages