In preparing a report on the economy, we need to estimate the percentage of businesses that plan to hire additional employees i

Question

2 years ago

6

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.

Mathematics