Instruction 8-12 a Poll Was Conducted by the Marketing Department of a of a Video

question 91

Short Answer

Instruction 8-12
A poll was conducted by the marketing department of a video game company to determine the popularity of a new game that was targeted to be launched in three months.Telephone interviews with 1,500 young adults were conducted which revealed that 49% said they would purchase the new game.The margin of error was ±3 percentage points.
-Referring to Instruction 8-12,what is the needed sample size to obtain a 99% confidence interval in estimating the percentage of the targeted young adults who will purchase the new game to within ±5% if you do not have the information on the 49% in the interviews who said that they would purchase the new game?

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Definitions:

Collective Bargaining

Collective bargaining is the process through which employees, typically organized in a union, negotiate contracts with their employers regarding wages, working conditions, benefits, and other employment terms.

Labor Unions

Labor unions are organizations that represent workers in negotiations with employers regarding wages, working conditions, and benefits.

Cartels

An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.

Non-Unionized Industries

Sectors of the economy where labor unions do not represent the workforce, often resulting in different labor standards and wages.