After Calculating the Sample Size Needed to Estimate a Population

question 88

Multiple Choice

After calculating the sample size needed to estimate a population proportion to within 0.04,your statistics professor told you the maximum allowable error must be reduced to just .01.If the original calculation led to a sample size of 800,the sample size will now have to be:

• A)800
• B)3,200
• C)6,400
• D)12,800

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Definitions:

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from the total revenue.

Net Profit

The amount of money remaining after all operating expenses, interest, taxes, and dividends have been deducted from total revenue.

Zone Price

The price based on geographic location or zone of customers.

Shipping Point

A location from which goods are dispatched or shipped to the buyer, often used to determine shipping costs and responsibility for the goods during transit.