Find the Sample Size

question 16

Multiple Choice

Find the sample size.
-Top management at a large software company wishes to estimate the average number
Of hours its firm's professional employees volunteer in the local community. Based on
Past similar studies, the standard deviation was found to be 2.22 hours. If top
Management wants to estimate the average number of hours volunteered per month by
Their professional staff to within one hour with 99% confidence, how many randomly
Selected professional employees would they need to sample?

• A) 19
• B) 25
• C) 54
• D) 44
• E) 33

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Definitions:

Total Revenues

The overall amount of money received by a firm from sales of its products or services, before any costs are deducted.

Equilibrium Point

The condition in a market where the supply of goods matches demand, leading to a stable price and quantity for the good or service.

S And D Curves

In economics, the supply and demand curves which graphically represent the relationship between the quantity of goods that producers are willing to sell and consumers are willing to buy at different price levels.

Consumer Surplus

The contrast between the total price consumers are willing to pay for a good or service and the actual amount paid.