A private energy supplier wants to estimate the monthly electricity utilization bill of a household in metro
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A private energy supplier wants to estimate the monthly electricity utilization bill of a household in metro cities. Based on the reports published by the other suppliers, the standard deviation was found to be $20. The company wants to estimate the average monthly bill with 95% confidence level, assuming the maximum acceptable variation of $5.
a. Determine the sample size the company should be studying.
b. Will the sample size change if confidence level changes to 99%?
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Related Book For
Public Finance An International Perspective
ISBN: 9789814365048
1st Edition
Authors: Joshua E. Greene
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