A firm has been hired to assess the electral chances of a canidate for public office....

A firm has been hired to assess the electral chances of a canidate for public office. it selected a random sample of 109 likely coters and created a 99% confidence interval. The interval indicated that the canidate would get between 47.1% and 54.6% of the vote on election day. you have been hired to create a new poll that reduces the width of this confidence interval.

A. what would you strategies would you recommend?

B. Explain your answer with reference to the formula for confidence intervals.

Expert Solution

a) There are 2 ways to reduce the confidence interval here:

Increasing the sample size decreases the margin of error and hence decreases the width of the confidence interval. Therefore we can increase the sample size here.
For more level of confidence of the interval, more is the margin of error and hence more is the width, therefore we can reduce the confidence level here to get a comparatively narrow confidence interval.

b) The above points can be seen from the confidence interval formula as:

Clearly greater the sample size n, lower is the margin of error, narrower is the confidence interval. Also lower the confidence level, lower is the value of critical z value and hence lower is the margin of error and hence narrower is the confidence interval.

orchestra answered 2 years ago

You have recently been hired by Jones & Co, a small public accounting firm as an...

You have recently been hired by Jones & Co, a small public accounting firm as an internal auditor. One of the firm's partners, Joe Jones, has asked you to deal with an unhappy client. The client, Susan Swan, is the owner of the city's largest jewelry store, DiamondsRUs. Ms Swan wants to remodel her store and is applying for $80,000 loan with Planters National Bank. The bank requires the use of accrual basis accounting for financial statements. Ms Swan insists that...

Recall that your economic consultancy firm has been hired by a law firm that is representing...

Recall that your economic consultancy firm has been hired by a law firm that is representing the owners of a restaurant. The restaurant burnt down because of a neighbouring business’ negligence. The law firm’s client is suing the neighbour’s insurance company for lost sales. Suppose the insurance company and the law firm have agreed that any payment should be based on the average sales among restaurants operating in similar cities. If S is defined as the random variable representing sales...

You have been hired as a consultant to assess the impact of a spill of 10...

You have been hired as a consultant to assess the impact of a spill of 10 kg of chlorobenzene in a river adjacent to a small town. The average width is 20m, average depth is 2.4m, and has a discharge of 8.7 m3/s. The average water temperature is 22 °C, the average air temperature is 27 °C, and the average wind speed is 4.25 m/s. The suspended solids concentration has been measured at 7 mg/L, Kd for chlorobenzene is 4.27...

It has been done in the past, and chances are good that it is still being...

It has been done in the past, and chances are good that it is still being done—stopping professional football games for the insertion of a commercial. Upon learning of this, people have one of at least two possible reactions—one favoring the practice and one condemning it. A first reaction might well be that no advertiser has the right to stop a sports event. The networks that broadcast these games are to remain uninvolved observers and must not interfere with the...

A marketing firm is hired to assess customer satisfaction across different car models. The firm sends...

A marketing firm is hired to assess customer satisfaction across different car models. The firm sends out a survey to new car owners of four new car models. The survey assesses owner satisfaction with the new car on a scale of 1 to 7 (7 = very satisfied with the new car). Make the assignment interesting and name these new cars! Can we draw any conclusions about customer satisfaction of these four different car models? Car 1 Car 2 ...

A market research firm has been hired to investigate the variability of retail pricing on an...

A market research firm has been hired to investigate the variability of retail pricing on an item that is sold in stores in Los Angeles and in San Diego. They gather data from a sample of 21 stores in Los Angeles and 16 stores in San Diego. The sample standard deviations (s) of the sales prices are Los Angeles stores = $12 and San Diego Stores = $14. Determine whether the price variation in these two cities is the same....

Imagine your class has been hired to secure the network of a relatively small public school...

Imagine your class has been hired to secure the network of a relatively small public school system. The system's network(s) includes administrative offices, classroom computers, Web servers, e-mail servers, and other typical features. Your class decides that multiple layers of firewall protection are required. As a group, discuss the firewall options described in this chapter and decide which ones to use. Where would you place each type of firewall, and why?

Steve Douglas has been hired as a management trainee by a large brokerage firm. As his...

Steve Douglas has been hired as a management trainee by a large brokerage firm. As his first project, he is asked to study the gross profit of firms in the chemical industry. What factors affect profitability in that industry? Steve selects a random sample of 16 firms and obtains data on the number of employees, number of consecutive common stock dividends paid, the total value of inventory at the start of the current year, the gross profit for each firm...

Your consulting firm has been hired to evaluate a manufacturing process. In order to value the...

Your consulting firm has been hired to evaluate a manufacturing process. In order to value the process, you’ve decided to value each piece separately. You are currently evaluating the effect of inventory on the final value of the project. The process requires an initial amount of NWC of $500k. Each year, NWC will increase by $100k. The manufacturing process will be in operation for 10 years before shutting down. If the firm’s discount rate is 6%, what is the effect...

Classy Office Supplies Inc. is an all equity firm with $2,000,000 in equity. It has been...

Classy Office Supplies Inc. is an all equity firm with $2,000,000 in equity. It has been suggested that they borrow $900,000 at 8% and use it to buy back shares of their own stock, thereby changing their capital structure. There are 50,000 shares outstanding and they currently sell for $40/share. EBIT is expected to be $1,000,000 next year. Classy is in the 21% tax bracket. What is the EPS under the current structure? How many shares will Classy be able...

Question