It was stated in a Hong Kong Government report that 1/6 of the Hong Kong people...
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It was stated in a Hong Kong Government report that 1/6 of the Hong Kong people are classified as 'poor'. To investigate the living environment of the poor people, a survey will be conducted by randomly choosing people at the street. The cost of the interview per person is $20. In this survey, we set a target of 95% confidence that at least 50 poor people will be interviewed. (a) What is the minimum budget for this survey? (b) Give a reason why the estimated sample size that you obtain is accurate enough. It was stated in a Hong Kong Government report that 1/6 of the Hong Kong people are classified as 'poor'. To investigate the living environment of the poor people, a survey will be conducted by randomly choosing people at the street. The cost of the interview per person is $20. In this survey, we set a target of 95% confidence that at least 50 poor people will be interviewed. (a) What is the minimum budget for this survey? (b) Give a reason why the estimated sample size that you obtain is accurate enough.
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Statistics and Data Analysis for Financial Engineering
ISBN: 978-1461427490
1st edition
Authors: David Ruppert
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