Section B - research? Assume the population is normally...

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Section B: Thinking back to your statistics courses, you noticed that the sample size was only 20, and you pulled out some of your old texts to check on what that meant in terms of your interpretation of the results. Assuming the CEO would like to be able to believe the sample's average satisfaction score is no more than 0.25 of the real target market average satisfaction score, and would like to have a 95% confidence level in the validity of the result, what sample size should you have used in the market
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Unformatted text preview: research? Assume the population is normally distributed. What is the likely ramification of having too small a sample? You also wonder if there is any correlation between household income and the satisfaction index on the new product, so you extract some more data from the market research, and add it to the table above. Average household income: Score of 5:8 $38,000 Score of 4:3 $50,000 Score of 3:3 $48,000 Score of 2:4 $80,000 Score of 1:2 $85,000 Total sample: 20...
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This note was uploaded on 06/04/2011 for the course ECONOMIC 250 taught by Professor Quiles during the Spring '10 term at University of Phoenix.

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Section B - research? Assume the population is normally...

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