After You Calculate the Sample Size Needed to Estimate a Population

question 38

Short Answer

After you calculate the sample size needed to estimate a population proportion to within 0.05, your statistics lecturer tells you the maximum allowable error must be reduced to just 0.025. If the original calculation led to a sample size of 400, the sample size will now have to be: $\begin{array}{|l|l|}\hline\text { A. } & 800 . \\\hline \text { B. } & 200 . \\\hline \text { C. } & 4000 . \\\hline \text { D. } & 1600 \\\hline\end{array}$

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Definitions:

Functional Chimneys Problem

Issues arising from the lack of communication and coordination among different departments within an organization, leading to siloed operations.

Ecological Fallacy

The assumption that a generalized cultural value applies equally well to all members of the culture.

Natural Monopoly

A market situation where a single firm can supply a product or service to an entire market at a lower cost than what two or more firms can.

Long Run

In economics, a period during which all inputs, including capital, are variable and firms can enter or exit the industry, allowing full production adjustment.