You work for the tourist commission in Fort Lauderdale, Florida. You are doing a

Question

You work for the tourist commission in Fort Lauderdale, Florida. You are doing a survey on beer prices during Spring Break at Fort Lauderdale Beach. Last year, the average price per six-pack of beer was $3.75 with a standard deviation of 5.30.
Calculate the appropriate sample size where you want to be 90% confident in your results and be within +/- $.25 on the price of six-packs. (Please show work in detail).
You work for the tourist commission in Fort Lauderdale, Florida. You are doing a survey on beer prices during Spring Break at Fort Lauderdale Beach. Last year, the average price per six-pack of beer was $3.75 with a standard deviation of 5.30.
Calculate the appropriate sample size where you want to be 90% confident in your results and be within +/- $.25 on the price of six-packs. (Please show work in detail).
You work for the tourist commission in Fort Lauderdale, Florida. You are doing a survey on beer prices during Spring Break at Fort Lauderdale Beach. Last year, the average price per six-pack of beer was $3.75 with a standard deviation of 5.30.
Calculate the appropriate sample size where you want to be 90% confident in your results and be within +/- $.25 on the price of six-packs. (Please show work in detail).

Explanation / Answer

Critical value for 90 % confience interval is 1.645;

Standard deviation =5.3;

Morgin of error=$ 0.25;

Now,

Sample Size = (Z* / Margin of Error)^2

Sample Size =((1.645*5.3)/0.25)^2=1216.16

Hence,the appropriate sample size will be 1217.

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