Question

6. You have been hired by Ford Motor Company to do market research and you must...

6. You have been hired by Ford Motor Company to do market research and you must estimate the percentage of households in which a vehicle is owned. How many households must you survey if you want to be 94% confident that your sample percentage has a margin of error within 0.03?

Homework Answers

Answer #1

Solution :

Given that,

= 0.5 (assume 0.5)

1 - = 1 - 0.5 = 0.5

margin of error = E = 0.03

At 94% confidence level the z is ,

= 1 - 94% = 1 - 0.94 = 0.06

/ 2 = 0.06 / 2 = 0.03

Z/2 = Z0.03 = 1.88 ( Using z table )

Sample size = n = (Z/2 / E)2 * * (1 - )

= (1.88/ 0.03)2 * 0.5 * 0.5

= 981.777

Sample size =982

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