Toyota provides an option of a sunroof and side air bag package for its Corolla model. This package costs $1400 ($1159 invoice price). Assume that prior to offering this option package, Toyota wants to determine the percentage of Corolla buyers who would pay $1400 extra for the sunroof and side air bags. How many Corolla buys must be surveyed if we want to be 95% confident that the sample percentage is within four percentage points of the true percentage for all Corolla buyers?
Solution Summary
This solution finds the sample size necessary to estimate a population proportion.
Statistics: Sample size for 95% confidence level; confidence interval. ... First, k is calculated as the population size divided by the sample size. ...
... Basically, when a sample was taken, the sample size n minus 1 is the degree of freedom. ... No, both sample sizes don't have to be the same size. ...
Inferences based on Single Samples. A consumer protection group is concerned that a ketchup manufacturer is filling its 20-ounce family-size containers with ...
... t statistic, point estimate for population proportion, error of the estimation, point estimate of the population variance, chi-square values, sample size. ...
... ____ T/F. F The t distribution is used for inferences about the population mean M when the standard deviation s is unknown and sample size is small. ...
