Question: Hi can anyone please help me with these problems? Also please explain the process step by step. Thank you 1)ABC company, a seller of high-end
Hi can anyone please help me with these problems? Also please explain the process step by step. Thank you
1)ABC company, a seller of high-end consumer electronics, is developing a new cellphonethat will sell for $2000.The cellphone will havea verysmall potential market of only 3000 customers.ABC wants to estimate the sample size they will need to be withinplus or minus.20of theaveragecustomer rating (1- 7 scale;1 =Very unlikelyto purchase;7 =Very likely topurchase).ABC is unsure of the amountof variability.They want a 95% level of confidence.What is the sample size necessary?
2)A company is interested in how people will vote for a referendum issuevoters must vote either yes or no.The company is unsure about the level of variability.They have already collected a sample of 300 from the sample frame (all Harvard students).They want to use a 99% level of confidence.What is the amount of error that they will have?
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