A company manufactures goods that are sold exclusively by mail order. The director of market research needed
Question:
a. Without making any assumptions, determine the sample size required.
b. Historically, product response rates for products sold by this company have ranged from 0.5% to 4.9%. If the director had been willing to assume that the sample product response rate for this product would also fall in that range, find the required sample size.
c. Compare the results from parts (a) and (b).
d. Discuss the possible consequences if the assumption made in part (b) turns out to be incorrect.
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