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A Sample Mean Is Used to Estimate a Population Mean

question 51

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A sample mean is used to estimate a population mean. To obtain a margin of error of 1.5 at a confidence level of 95%, a sample size of 120 is needed. Would the required sample size be larger or smaller if the researcher wished to (a)increase the confidence level while keeping the same margin of error? (b)decrease the margin of error while keeping the same confidence level? Explain your answers.


Definitions:

Marginal Rate

Refers to the rate at which one quantity changes with respect to a change in another, commonly used in economics to describe the marginal rate of substitution or marginal rate of transformation.

Indifference Map

A collection of indifference curves that graphically represent a consumer's preferences across different combinations of two goods.

Space

The infinite extension of the three-dimensional region in which all matter exists.

Acceleration

in physics, refers to the rate of change of velocity of an object with respect to time.

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