Q-Market Toys plans to take a sample of retail outlets nationwide in order to estimate the average selling price of its chief competitor’s new kids’ eBook reader. You want to eventually construct an estimate at the 95% confidence level that shows a margin of error no greater than $.50. Previous experience indicates a reasonable estimate of the population standard deviation would be about $2.50. How large a sample would you recommend if the sample will be selected from a population of?
a. 100 retail outlets?
b. 500 retail outlets?
c. 5000 retail outlets?
d. 20,000 retail outlets?