To Calculate the "Optimal" Sample Size,all of the Following Information $\alpha$

question 2

Multiple Choice

To calculate the "optimal" sample size,all of the following information is needed except

• A) precision required
• B) level of confidence (\(\alpha\))
• C) estimate of population variance
• D) sample mean

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Definitions:

Mean Purchase

The average amount of purchases made over a certain period of time or across individuals.

Probability

The expression of an event's likelihood as a number from 0 to 1.

Standard Error

A measure that quantifies the variation or dispersion of sample means relative to the true population mean.

Variance

A measure of the spread or dispersion within a set of data points, calculated as the average of the squared differences from the mean.