This topic contains a solution. Click here to go to the answer

Author Question: Suppose you sampled 2,500 people for a marketing survey, but your boss thinks that you should have ... (Read 210 times)

maychende

  • Hero Member
  • *****
  • Posts: 556
Suppose you sampled 2,500 people for a marketing survey, but your boss thinks that you should have sampled more, say 4,000 people, because he says the results would have been much more accurate, even under the tight budget and time constraints on the company. Using statistics, how would you convince your boss to agree with you?

Question 2

With a random sample of 2,500 people, we usually get an estimate that is accurate to within what percent of the truth (using the general rule)?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

uniquea123

  • Sr. Member
  • ****
  • Posts: 311
Answer to Question 1

FOR 4,000 PEOPLE, THE MARGIN OF ERROR IS ABOUT 1.6, COMPARED TO ABOUT A 2 MARGIN OF ERROR FOR 2,500 PEOPLE. ALMOST DOUBLING THE SAMPLE SIZE COSTS MUCH MORE IN TIME AND MONEY BUT WILL ONLY INCREASE ACCURACY SLIGHTLY.

Answer to Question 2

2




maychende

  • Member
  • Posts: 556
Reply 2 on: Jul 24, 2018
Thanks for the timely response, appreciate it


epscape

  • Member
  • Posts: 335
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

For a complete list of videos, visit our video library