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Ksju
10 days ago
13

A marketing company wants to estimate the proportion of consumers in a certain region of the country who would react favorably t

o a new marketing campaign. Further, the company wants the estimate to have a margin of error of no more than 5 percent with 90 percent confidence. Of the following, which is closest to the minimum number of consumers needed to obtain the estimate with the desired precision?a. 136
b. 271
c. 385
d. 542
e. 769
Business
1 answer:
arsen [3.2K]10 days ago
8 0
The closest estimate for the minimum number of consumers needed for the desired precision is (b) 271. If there's no previous population proportion estimate, the formula for assessing sample size is applied. Given that the margin of error E = 5% or 0.05 and the confidence level is at 90%, the crucial z-value stands at 1.645 (as derived from the z-table). Plugging the values into the formula results in a minimum required sample size rounded to 271.
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