010 points MintroState 8.E.041 My Notes Ask Your One of your employees has sugge

Question

010 points MintroState 8.E.041 My Notes Ask Your One of your employees has suggested that your company develop a new product. You decide to take a random sample of your customers and ask whether or not there is interest in the new product. The response is on a 1 to 5 scale with 1 indicating "definitely would not purchase"; 2, "probably would not purchase; probably would purchase"; and 5, "definitely would purchase." For an initial anal 3, "not sure"; 4, ysis, you will record the responses 1, 2, and 3 as "No" and 4 and 5 as "Yes. h preliminary development of the product. Now you are at the stage where that after reviewing the results of a previous survey, you proceeded wit decide whether or not to make a major investment to p error to be smaller, what sample size would you use if you wanted the 95% margin of error to be 0.017 or you need to roduce and market it. You will use another random sample of your customers, but now you want the margin of less? (Round your answer up to the nearest whole number.) particpants Submit Assignment Save Assignment Progress

Explanation / Answer

sample size

= (z^2)* p * (1-p) / (MOE^2)

95% confidence interval value of Z = 1.645

p = 2/5 = 0.4, 1-p = 0.6

MOE = 0.017

Thus, sample size

= ((1.645)^2 * 0.4 * 0.6) / (0.017)^2

=2247.21

Rounding off to 2248

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