Question

In: Accounting

A consulting firm was hired to conduct a survey on people living in New York City....

A consulting firm was hired to conduct a survey on people living in New York City. The survey was completed monthly for six months by 445 randomly-selected people in different boroughs. There were a number of items on the survey, but six basic biographical items will be studied for this exercise. The data for the people surveyed in one of these monthly surveys can be found in the Excel file SURVEY. The variables that were used for the basic biographical data are found on the last page of the exercise. In this exercise, some of the estimation techniques presented in the module will be applied to the New York survey results. You may assume that these respondents represent a simple random sample of all potential respondents within the community, and that the population is large enough that application of the finite population correction would not make an appreciable difference in the results. New York City governmental agency personnel like to have point estimates regarding variables describing the biographical information of the people living within the different boroughs. It is very helpful for them to have some idea regarding the likely accuracy of these estimates as well. Therein lies the benefit of the techniques presented in this module and applied here. • Item A in the description of the data collection instrument lists variables 1 through 5, which represent the respondent’s general attitude toward each of the five boroughs. Each of these variables has numerically equal distances between the possible responses, and for purposes of analysis they may be considered to be of the interval scale of measurement. • Determine the point estimate, and then construct the 95% confidence interval for μ1= the average attitude toward Manhattan. • Repeat part (a) for μ2 through μ5, the average attitudes toward Brooklyn, Queens, The Bronx and Staten Island, respectively. • Given the breakdown of responses for variable 6 (highest level of education), determine the point estimate, and then construct the 95% confidence interval for p6= the population proportion of doctoral degrees. • Given the breakdown of responses for variable 7 (marital status of respondent), determine the point estimate, and then construct the 95% confidence interval for p7 = the population proportion in the “single or other” category. • Assume the governmental agencies requested estimates of the mean attitudes towards each borough with a margin of error of 0.05 for each borough. If the governmental agency personnel want to have 95% confidence that the sample mean will fall within this margin of error, how large should the sample sizes be for each borough? The introduction should describe or summarize the topic or problem. It might discuss the general applications of the topic or it might introduce the unique terminology associated with the topic. o The body of your paper should address the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment. o The conclusion should summarize your thoughts about what you have determined from your analysis in completing the assignment. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs. • Include any tables of data or calculations, calculated values, and/or graphs referenced in the paper. (Note: The minimum required length excludes any tables or graphs.) • A. General Attitude toward Each Borough (Variables 1–5) 1. Manhattan 2. Brooklyn 3. Queens 4. The Bronx 5. Staten Island Like Very Much (5) (5) (5) (5) (5) Like (4) (4) (4) (4) (4) Neutral (3) (3) (3) (3) (3) Dislike (2) (2) (2) (2) (2) Dislike Very Much (1) (1) (1) (1) (1) B. Information about the Respondent (Variables 6–7) • What is your highest level of education? (1) = Did not complete High school (2) = High school degree/GED (3) = Associate’s degree (4) = Bachelor’s degree (5) = Master’s degree (6) = Doctoral degree Marital Status: (1) = Married (2) = Single or other.

Solutions

Expert Solution

The Point estimate of mean is the sample mean itself.

In Excel, the sample mean is calculated by function: AVERAGE. The syntax is: =AVERAGE (number1,number2,...)

the confidence level is obtained using the CONFIDENCE function. The syntax is: =CONFIDENCE. NORM(alpha ,standard_ dev, size)

We shall put alpha=1-0.95=0.05 for calculating the confidence intervals. The confidnce interval for mean is mean +-confidence level.

The standard error is given by;

Hence, the required sample size for each varible should be:

the following table have answer

MANHATTAN BROOKLYN QUEENS THE BRONX STATEN ISLAND EDUCATON MARITUAL STATUS
ALPHA 0.05 0.05 0.05 0.05 0.05 0.05 O.05
MEAN 2.670 4.530 2.465 2.335 4.094 3.476 1.748
STANDARD DEVIATION 1.064 1.045 1.203 1.371 1.223 1.194 0.434
CONFIDENCE LRVEL 95% 0.099 0.097 0.112 0.127 0.114 0.111 0.040
UPPER CONFIDENCE ERROR 2.768

4.627

2.577 2.462 4.208 3.587 1.789

LOWER CONFIDENT ERROR

2.571 4.433 2.353 2.207 3.981 3.365 1.708
MARGIN ERROR 0.05 0.05 0.05 0.05 0.05 0.05 0.05
ROBOT N 21.276 20.900 24.064 27.429 24.459 23.880 8.689
SAMPLE SIZE REQD,N 453 437 579 752 598 570 76

Related Solutions

The sales and marketing team hired Smith and Smith Consulting to conduct a market survey. The...
The sales and marketing team hired Smith and Smith Consulting to conduct a market survey. The total cost for this consulting was $32,500. Based on the survey and their own experience the sales and marketing has provided a sales forecast. The suggested price of the fire starter is $2.50 per starter and they would be sold as a four pack for $10.00. The unit sales forecast is 20,000 4-packs in year 1, 45,000 in year 2, 60,000 in year 3,...
Question 1 The governor of Kansas hired a research firm to conduct a survey to measure...
Question 1 The governor of Kansas hired a research firm to conduct a survey to measure support for abolishing the death penalty among Kansas legislators. The firm contacted and interviewed all 125 members of the Kansas Legislature and concluded that 45% favored abolishing the death penalty and 55% opposed abolishing it. These results are: Descriptive statistics Inferential statistics Neither descriptive or inferential statistics There is no way to tell if these statistics are inferential or descriptive. Question 2 The governor...
A survey of families living in a certain city was conducted to collect information on the...
A survey of families living in a certain city was conducted to collect information on the following variables: age of the oldest person in the family, number of family members, number of males in the family, number of females in the family, whether or not they own a house, income of the family, whether or not the family took vacations during the past one year, whether or not they are happy with their financial situation, and the amount of their...
How is the New York City Budget determined?
How is the New York City Budget determined?
How is the New York City Budget determined?
How is the New York City Budget determined?
Many people who commute to work by car to New York City every day, use either...
Many people who commute to work by car to New York City every day, use either the Lincoln Tunnel or the George Washington Bridge. In a random sample of ?1 = 1663 people who commuted to work using the Lincoln Tunnel, out of a population of ?1 = 49,325, ?1 = 825 or ?̂1 = 0.496 said that they carpooled to work. In a random sample of ?2 =1055 people who commuted to working using the George Washington Bridge, out...
Identify the behavior, values, and consumption patterns from people in New York City versus Milan Italy.
Identify the behavior, values, and consumption patterns from people in New York City versus Milan Italy.
New York City is the most expensive city in the United States for lodging.
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55.what is the probability that a hotel room costs $225 or more per night?what is the probability that a hotel room costs less than $140 per night?What is the probability that a hotel room costs between $200 and $300 per...
New York City is the most expensive city in the United States for lodging.
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $205 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $143 per night...
In 2011, the city of Calgary had 1,096,833 people living within the city limits. Since then,...
In 2011, the city of Calgary had 1,096,833 people living within the city limits. Since then, there have been 245,678 births and 189,753 deaths. A total of 159,753 people moved to Calgary from other cities or countries, while only 12,354 people moved away from Calgary. How did the population of Calgary change since 2011? Express your answer using scientific notation in the form of x.yz x 10d people. ------- Human beings, like other K-selected species live close to carrying capacity...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT