After Calculating the Sample Size Needed to Estimate a Population

question 90

Short Answer

After calculating the sample size needed to estimate a population proportion to within 0.05, you have been told that the maximum allowable error must be reduced to just 0.025. If the original calculation led to a sample size of 1000, the sample size will now have to be: $\begin{array}{|l|l|}\hline\text { A. } & 2000 . \\\hline \text { B. } & 4000 . \\\hline \text { C. } & 1000 . \\\hline \text { D. } & 8000 . \\\hline\end{array}$

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Definitions:

Optimum

The best or most favorable point, level, or condition, especially in terms of efficiency or success.

Indifference Curves

Graphical representations of different combinations of two goods between which a consumer is indifferent, showing preferences regarding consumption.

Consumption When Old

Consumption when old refers to the spending habits of individuals during retirement or later stages of life, often planned through savings and pension.

Retirement

The phase of life where an individual stops full-time work, often accompanied by receiving a pension or retirement benefits.