In preparing a report on the economy, we need to estimate the percentage of businesses that plan to hire additional employees i
n the next 60 days. a) How many randomly selected employers must we contact in order to create an estimate in which we are 95% confident with a margin of error of 8%?
b) Suppose we want to reduce the margin of error to 3%. What sample size will suffice?
c) Why might it not be worth the effort to try to get an interval with a margin of error of 1%?
a) A sample size of
nothing is needed.
The answer is five because if you go for -3 that’s one in 8-6 is two and if you add one and three that’s for sure the only one you need is five and that would be just make no sense at all
