Question

please solve this question You work for a marketing firm that has a large client in the automobile industry. You have been asked to estimate the proportion of households in Chicago that have two or more vehicles. You have been assigned to gather a random sample that could be used to estimate this proportion to within a 0.04 margin of error at a 95% level of confidence.a) With no prior research, what sample size should you gather in order to obtain a 0.04 margin of error? Round your answer up to the nearest whole number.n = householdsb) Your firm has decided that your plan is too expensive, and they wish to reduce the sample size required. You conduct a small preliminary sample, and you obtain a sample proportion of ˆ p = 0.24 . Using this new information. what sample size should you gather in order to obtain a 0.04 margin of error? Round your answer up to the nearest whole number.n = households

Answer 1

Step 1:

In this question, we are given the following:

You work for a marketing firm with a large automobile industry client. You have been asked to estimate the proportion of households in Chicago that have two or more vehicles. You have been assigned to gather a random sample that could be used to calculate this proportion within a 0.04 margin of error at a 95% level of confidence.

a) With no prior research, what sample size should you gather in order to obtain a 0.04 margin of error? Round your answer up to the nearest whole number.

n = households

b) Your firm has decided that your plan is too expensive, and they wish to reduce the sample size required. You conduct a small preliminary sample, and you obtain a sample proportion of ˆ p = 0.24.

Using this new information. what sample size should you gather in order to obtain a 0.04 margin of error? Round your answer up to the nearest whole number.

n = households

Step 2:

The details of the solution are as follows: