In Determining the Sample Size Necessary to Estimate a Population

question 49

Multiple Choice

In determining the sample size necessary to estimate a population proportion, which of the following information is not needed?

• A)the maximum margin of error that can be tolerated
• B)the confidence level required
• C)a preliminary estimate of the true population proportion P
• D)the mean of the population

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Definitions:

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Total Revenue

The total amount of money a company receives from its sales of goods or services, not subtracting any costs.

Profit

The profit achieved when the revenue from a business activity surpasses the necessary expenses, costs, and taxes to maintain that activity.

Economic Costs

The total expenses incurred in producing a good or service, including opportunity costs.