Question

A marketing specialist wants to estimate the average amount spent by visitors to an online retailer's...

A marketing specialist wants to estimate the average amount spent by visitors to an online retailer's newly-designed website. From the data in a preliminary study she guesses that the standard deviation of the amount spent is about 14 dollars.

Question 1. How large a sample should she take to estimate the mean amount spent to within 6 dollars with 95% confidence? (Round your answer up to the next largest integer).

Homework Answers

Answer #1

Given ME = 6, = 14, = 0.05

The Zcritical at = 0.05 is 1.96

The ME is given by :

Squaring both sides we get: (ME)2 = (Z critical)2 * 2 / n

Therefore n = (Zcritical * / ME)2 = (1.96 * 14 / 6)2 = 20.92

Therefore n = 21 (Taking it to the next whole number)

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