A Researcher Wants to Determine the Sample Size Necessary to Adequately

question 34

Multiple Choice

A researcher wants to determine the sample size necessary to adequately conduct a study to estimate the population mean to within 5 points.The range of population values is 80 and the researcher plans to use a 90% level of confidence.The sample size should be at least _______.

• A)44
• B)62
• C)216
• D)692
• E)700

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Definitions:

Price Ceiling

A government-imposed limit on how high a price is charged for a product, intended to protect consumers from high prices.

Government

The organization or system of organizations exercising authority and performing functions in a society or part of it.

Socially Optimal

A condition where resources are allocated in a way that maximizes the overall welfare or well-being of society.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good supplied over a given period.