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Why is it important to determine the size of a sample precisely?

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Why is it important to determine the size of a sample precisely? What are the key points to consider when determining sample size? Frame your answer with business-related examples in mind.

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The solution discusses why it is important to determine the size of a sample precisely.

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Suppose that a coffee packaging company wants to predict how many people it should sample for testing whether the number of customers who want ...

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