Question
In: Statistics and Probability
You want to obtain a sample to estimate how much parents spend on their kids birthday...
You want to obtain a sample to estimate how much parents spend
on their kids birthday parties. Based on previous study, you
believe the population standard deviation is approximately
σ=58.5σ=58.5 dollars. You would like to be 90% confident that your
estimate is within 2.5 dollar(s) of average spending on the
birthday parties. How many parents do you have to sample?
Solutions
Expert Solution
We are given the margin of error here as 2.5 dollars.
From standard normal tables, we have:
P(-1.645 < Z < 1.645) = 0.9
Therefore the margin of error here is computed as:
Putting all the above values, we get here:
Therefore 1482 is the required minimum sample size here.
orchestra answered 2 years agoRelated Solutions
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1. You want to obtain a sample to
estimate how much parents spend on their kids birthday parties.
Based on previous study, you believe the population standard
deviation is approximately σ=26.2σ=26.2 dollars. You would like to
be 99% confident that your estimate is within 2 dollar(s) of
average spending on the birthday parties. How many parents do you
have to sample?
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proportion. How large of a sample size is required?
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You want to obtain a sample to estimate a population proportion.
At this point in time, you have no reasonable estimate for the
population proportion. You would like to be 99% confident that you
esimate is within 5% of the true population proportion. How large
of a sample size is required?
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