What Is the Minimum Sample Size Required to Estimate a Population

question 14

Multiple Choice

What is the minimum sample size required to estimate a population mean with 90% confidence when the desired margin of error is D = 1.25? The standard deviation in a preselected sample is 8.5.

• A) n = 76
• B) n = 125
• C) n = 126
• D) n = 190

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Definitions:

Cost-Plus Pricing

Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.

Yield Management Pricing

A strategic pricing approach used in industries like airlines and hotels, where prices are adjusted in real-time based on demand, with the aim of maximizing revenue.

Penetration Pricing

A pricing strategy that involves setting a low price for a new product to attract customers and gain market share quickly.

Cost-Plus Pricing

A pricing strategy where the selling price is determined by adding a specific amount or percentage to the cost of producing the product.