One of your employees has suggested that your company develop a new product. You

Question

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"; 3, "not sure"; 4, "probably would purchase"; and 5, "definitely would purchase." For an initial analysis, you will record the responses 1, 2, and 3 as "No" and 4 and 5 as "Yes." What sample size would you use if you wanted the 95% margin of error to be 0.12 or less?. (Round your answer up to the nearest whole number.)

Explanation / Answer

Result:

Sample size calculation

p=0.5 ( proportion p assumed)

For 95%, z=1.96

Margin of error d=0.12

Sample size = (z2*p*(1-p))/d2

= (1.962*0.5*0.5)/0.122

=66.69

The sample size required= 67

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