A Sample Mean Is Used to Estimate a Population Mean

question 51

Essay

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.

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Definitions:

Cashier's Check

A check issued by a bank, drawing on its own funds rather than that of a personal account holder, guaranteeing payment to the payee.

Bank Liability

The legal obligations or debts that a bank is responsible for, such as deposits and loans.

Skillfully Altered

Modified or changed in a way that demonstrates a high level of expertise or craftsmanship.

Drawer's Account

The bank account on which a check is drawn; the account belonging to the individual who has written the check.