Reference no: EM131454262

1. Assume you are working for a company you really like and are very well paid. Your supervisor tells you how great you are and asks you to perform some research that is critical to the launch of a product line. When you calculate the sample size you need you find out that you need a sample size of 500 subjects to have a .01 level of significance. Unfortunately it costs $100 per subject and your boss gave you a FIRM budget of $35,000 and insisted that it was enough to achieve the significance level of .01. What do you do?

2. Polling is one of the most influential tools in political elections. Have you ever been surveyed about an election? When you read results of a political poll, do you place much value on them? What do you think about a poll that surveys 1000 voters and reports it is accurately projecting the opinions of millions of people? Do you think that only polling home telephones is a problem with polling results? If you had your way, would you allow networks to project the outcome on an election before the polls closed for voting?