[MOVED] confidence? (size of random sample necessary)

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kristen7

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Sep 24, 2006
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In preparing a report on the economy we need to estimate the proportion of businesses that intend to hire additional employees in the next 60 days.

(a) If we have no prior estimate of the proportion, how many randomly selected employers must we sample in order to be 98% confident that our estimation error will be no more than 0.05?
 
How many times are you going to post the same problem?
At least two times here!
And at least two other web sites!
 
anyone know how to do this problem

iv been working on it and havent a clue..
 
kristen7 said:
[I've] been working on it....
Click to expand...
Great. What have you tried so far? How far have you gotten? Where are you stuck?

Please be specific. Thank you.

Eliz.
 
Since you have no preliminary estimate for p and q, use p=0.5 and q=0.5.

\(\displaystyle \L\\n=pq(\frac{z}{E})^{2}\)

\(\displaystyle \L\\n=(0.5)(0.5)(\frac{2.326}{0.05})^{2}\approx{541.0276}\)

Round up to 542
 
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