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We Want to Estimate with 99 Percent Confidence the Percentage

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We want to estimate with 99 percent confidence the percentage of buyers of cars who are under 30 years of age.A margin of error of 5 percentage points is desired.What sample size is needed? In an earlier sample we found a 99 percent confidence interval of buyers under 30 years of age to be [.18 .27].


Definitions:

Complements

Complements are goods or services that are used together, so that the consumption or use of one increases the demand for the other.

Durable Good

A type of good that does not quickly wear out and is capable of being used for a period of time, often years, before needing replacement.

Automobile

A wheeled motor vehicle used for transportation, typically powered by an internal combustion engine or electric motor.

Substitute Good

A product or service that consumers see as a viable alternative to another product, where an increase in the price of one leads to an increase in demand for the other.

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