How Large a Sample Should Be Taken to Estimate a Population

question 57

Short Answer

How large a sample should be taken to estimate a population proportion to within 0.01 with 90% confidence if the proportion is known to be around 5%?

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Definitions:

Implied Warranty

A legal assumption that the goods sold are fit for their intended purpose, even if not explicitly promised by the seller.

Express Warranty

A written or verbal promise made by a seller to a buyer, guaranteeing the quality or functionality of a product or service.

Merchantability

A guarantee that a product will meet reasonable expectations of quality and usability for which it was sold.

Nonconforming Goods

Goods shipped that do not meet the specifications or requirements set out in the contract of sale.