When Determining the Sample Size (N) for a Confidence Interval

question 52

True/False

When determining the sample size (n) for a confidence interval for ρ, if you have no idea what value p is (it could be any value between 0 and 1), use p = .5.

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Definitions:

Voluntarily Pay

Refers to making a payment or contribution freely without coercion, typically in contexts where payments are not legally mandated.

Marginal Cost

The incremental cost of producing an extra unit of a good or service.

Rivalry

(1) The characteristic of a private good, the consumption of which by one party excludes other parties from obtaining the benefit; (2) the attempt by one firm to gain strategic advantage over another firm to enhance market share or profit.

Excludability

The characteristic of a private good, for which the seller can keep nonbuyers from obtaining the good.