What does brand loyalty mean to consumers? According to a Rare research report, 20% of consumers associate

Question:

What does brand loyalty mean to consumers? According to a Rare research report, 20% of consumers associate trust with brand loyalty.

a. To conduct a follow-up study that would provide 95% confidence that the point estimate is correct to within ±0.04 of the population proportion, how large a sample size is required?

b. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ±0.04 of the population proportion, how many consumers need to be sampled?

c. To conduct a follow-up study that would provide 95% confidence that the point estimate is correct to within ±0.02 of the population proportion, how large a sample size is required?

d. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ±0.02 of the population proportion, how many consumers need to be sampled?

e. Discuss the effects on sample size requirements of changing the desired confidence level and the acceptable sampling error.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: