Discuss the below:
Q1: You wish to estimate with 95 percent confidence the proportion of families that own two cars.
a)How large a sample do you need if you allow an error of up to 2 percent in each direction?
b)What will be the sample size if your prior estimate for p was 0.7?
Q2: A sample of 400 people getting a tax refund showed the mean to be $900 and standard deviation to be $200.
a)Design a 99 percent confidence interval.
b)How large a sample do you need if you want the error to be no more than $10?