Margin of error-confidence interval for the proportion

Assignment Help Basic Statistics

Reference no: EM1392717

Land's Beginning is a company that sells its merchandise through the mail. It is considering buying a list of addresses from a magazine. The magazine claims that at least 25% of its subscribers have high incomes (they define this to be house-hold income in excess of $100,000). Land's Beginning would like to estimate the proportion of high-income people on the list. Checking income is very difficult and expensive but another company offers this service. Land's Beginning will pay to find incomes for an SRS of people on the magazine's list. They would like the margin of error of the 95% confidence interval for the proportion to be 0.05 or less. Use the guessed value p = 0.25 to find the required sample size.

Reference no: EM1392717

Questions Cloud

Explain different lives and legacies of pharaohs hatshepsut : As the student of ancient Egyptian history, which of them do you think gives you the most insight into and understanding of this ancient and long-lived civilization and explain why?

Computation of basic statistics : You've been recently hired as a marketing analyst in an advertising agency. You are assigned the task of assessing the impact of direct marketing promotions.

Experimental study designed to test potency of drug on calve : An experimental study is designed to test the potency of a drug on 16 calves. Previous studies have shown that a 10-mg dose of the drug is lethal 7% of the time within the first 7 hours.

Probability and measures of central tendency : Your specific assignment for this week is to choose a type of quantitative data to gather from your own life. How many minutes does it take yo to get to work everyday.

Margin of error-confidence interval for the proportion : They would like the margin of error of the 95% confidence interval for the proportion to be 0.05 or less. Use the guessed value p = 0.25 to find the required sample size.

The fruit guys used to determine effectiveness : Identify three other businesses that could use the five questions the Fruit Guys used to determine effectiveness and identify three businesses in which the business strategy would not work well

Quantitative analysis and demand : Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Advance sales are so small that Weiss has no way to estimate the demand for the red roses.

Statistics and quantitative analysis : Given the following revenue and cost function for a business firm, calculate the break-even quantity, total revenue, total cost and total profit at break-even level of production.

Develop an estimated regression equation : Use regression analysis to develop an estimated regression equation that could be used to predict the value score given the price of the car.

User Account

All Pages