It costs you $10 to draw a sample of size n=1 and measure the attribute of interest. You have a budget of $1,200.

Question

a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 4 units in width? Assume stdeviation(sigma) =12

b. If a 90& confidence level were used would your answer to part a change? explain.

Answer 1

It costs you $10 to draw a sample of size n=1 and measure the attribute of interest. You have a budget of $1,200.
a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confidence interval 4 units in width? Assume stdeviation(sigma) =12

b. If a 90& confidence level were used would your answer to part a change? explain.