A Polling Agency Wants to Determine the Size of a Random

question 23

Multiple Choice

A polling agency wants to determine the size of a random sample needed to estimate the proportion of homeowners who keep a hand gun in their home for security. The estimate should have margin of error no more than 2.5 percentage points at a 95% level of confidence. Choose the most conservative answer that is closest to your calculated number, rounding to the nearest whole person.

• A)They should poll at least 1600 people.
• B)They should poll at least 1200 people.
• C)They should poll at least 400 people.
• D)They should poll at least 1000 people.

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Definitions:

Price Discrimination

A pricing strategy where a firm sells the same product at different prices to different groups of consumers, based on their willingness to pay, without any differences in production cost.

College ID Cards

Identification cards issued by colleges or universities to students, faculty, and staff to access campus facilities and services.

Ice Cream Store

A retail shop specializing in selling ice cream and related desserts.

Single-Price Monopoly

A market situation where a monopoly exists and sells its product or service at a single price to all consumers without price discrimination.