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:

Off-Price Retail

Retailers who sell branded goods at lower than the manufacturer's suggested retail price, typically by offering surplus or out-of-season items.

Convenience Stores

Small, self-service stores that are open long hours and carry a limited number of frequently purchased items.

Self-Service

A system that allows consumers to perform services for themselves without direct assistance from staff, often facilitated by technology.

Extreme Value Retailers

Retailers that offer products at significantly lower prices than their competitors, typically by reducing costs through simple store designs and limited service.