In preparing a report on the economy we need to estimate, Basic Statistics

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In preparing a report on the economy we need to estimate

In preparing a report on the economy, we need to estimate the percentage of businesses that plan to hire addi- tional employees in the next 60 days.

a) How many randomly selected employers must we contact in order to create an estimate in which we are 98% confident with a margin of error of 5%?

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%?

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Basic Statistics: In preparing a report on the economy we need to estimate

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Basic Statistics: In preparing a report on the economy we need to estimate

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