You have the solutions to textbook \"Statistics for Business and Economics\" (11

Question

You have the solutions to textbook "Statistics for Business and Economics" (11th Edition) - Anderson, Sweeney, Williams but do not have the solution for Chapter 7, Problem # 39, Page # 294. I have listed the problem below for your revew. (Solution needs to include formulas and show work for credit.) In 2008 the Better Business Bureau settled 75% of complaints they received. Supposed you have been hired by the BBB to investigate the complaints the received this year involving new dealers. You plan to select a sample of new car dealer complaints to estimate the proportion of complaints the BBB is able to settle. Assume the population proportion of complaints settled for new car dealers is .75, the same as the over all proportion of complaints settled in 2008. a) Suppose you selct a sample of 450 complaints involving new car dealers. Show the sampling distibution of p, b) Based upon a sample of 450 complaints, whats the probability that the sample proportion will be within .04 of the population proportion? c) Suppose you select a sample of 200 complaints involving new car dealers. Show the sampling distribution of p, d) Based upon a smaller sample of only 200 complaints, whats the probability that the sample proportion will be within .04 of the population proportion? e) As measured by the increase in probaility, how much do you gain in percision by taking larger sample in part (b)?

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