Sells its merchandise through the mail

Reference no: EM13731064

Why do we assume p=0.5 in determining the necessary sample size?
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 household 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: EM13731064

Questions Cloud

Find each of the sample variances : a. If n=8 for both samples, find each of the sample variances, and calculate the pooled variance. Because the samples are the same size, you should find that the pooled variance is exactly halfway between the two sample variances.

The mean gas mileage for a hybrid ca : The mean gas mileage for a hybrid car is 56 miles per gallon. Suppose that the gasoline mileage is approximately normally distributed with a standard deviation of 3.2 miles per gallon. A. What is the probability that a randomly selected hybrid gets m..

Create an annotated bibliography with a short annotation : Create an annotated bibliography with a short annotation for each source. You must use at least six sources other than the textbook to support your claims.

What is the initial contribution margin for valuex : What is the initial contribution margin for ValueX - what is the break-even change in sales of the blenders that must be achieved for the drop in price of the blenders to improve ValueX's profit?

Sells its merchandise through the mail : 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 household inco..

Analyze the metrics that are used to evaluate the measures : Analyze the metrics that are used to evaluate the measures and Provide a case study of a company that exemplifies the best practices of each measure

Demonstrate ethical scholarship through accurate : Make sure you write in a clear, concise, and organized manner; demonstrate ethical scholarship through accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.

Vertical markets versus horizontal markets : Assess the following: spot buying versus strategic sourcing, direct materials versus indirect materials, and vertical markets versus horizontal markets.

Explain the effect of diversity on group performance : Explain the effect of diversity on group performance. You are preparing to write an article for a professional magazine regarding the value of diversity in teams. Diversity can include any of the following:

User Account

All Pages