Decision theoretic approach for sample size estimation. (Requires calculus.) In a decision theoretic approach, two functions are
Question:
L (n) = Loss or €œcost€ of a bad estimate
C (n) = Cost of taking the sample
Suppose that for some constants c0, c1, and k,
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What sample size n minimizes the total cost L (n) + C (n)?
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Setting the derivative equal to 0 and solving for n gives ...View the full answer
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