A Population Proportion Is to Be Estimated

question 3

Short Answer

A population proportion is to be estimated. Estimate the minimum sample size needed to achieve a margin of error of 7 percentage points with a 95% degree of confidence.

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Definitions:

Total Revenue

The total receipts from sales of a given quantity of goods or services.

Marginal Revenue

The supplementary financial gain obtained through the sale of one more unit of a good or service.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes.

Marginal Revenue

The profit increment a business achieves through the sale of one extra unit of its offerings.