What Is the Minimum Sample Size Required to Estimate a Population

question 82

Multiple Choice

What is the minimum sample size required to estimate a population mean with 95% confidence when the desired margin of error is E = 1.5? The population standard deviation is known to be 10.75.

• A) n = 138
• B) n = 139
• C) n = 197
• D) n = 198

Understand the concept of job satisfaction and its importance to employee well-being and organizational success.

Comprehend the psychological contract and its impact on the employer-employee relationship.

Identify the components and significance of quality of work life.

Recognize the definition and elements of a job.

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Definitions:

Acceptable Price

The price level at which a buyer views the cost of a product or service as reasonable, taking quality and utility into account.

Willing To Pay

Willing to pay is the maximum amount that a consumer is prepared to spend on a good or service.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a product versus what they actually receive in the market.