To Compute the Minimum Sample Size for an Interval Estimate

question 72

Multiple Choice

To compute the minimum sample size for an interval estimate of μ, we must first determine all of the following except

• A) desired margin of error.
• B) confidence level.
• C) population standard deviation.
• D) degrees of freedom.

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Definitions:

Imperfect Information

The absence of full knowledge concerning product characteristics, available prices, and so on.

Peer Lending

A financial transaction in which individuals lend money to each other directly, often facilitated by an online platform, bypassing traditional financial intermediaries.

Savings Deposits

Accounts in financial institutions that allow individuals to deposit money and earn interest over time.

Import Substitution

An industrial trade strategy that favors developing local industries that can manufacture goods to replace imports.