Question: We compute a 95% confidence interval for the proportion of customers who make a purchase given that they have received a discount coupon in their
We compute a 95% confidence interval for the proportion of customers who make a purchase given that they have received a discount coupon in their mail before. The lower bound of the confidence interval is 50% and the upper bound is 90%.
How large should the sample be used to construct this interval? You want to pick the minimum possible to guarantee the above confidence level because reaching out to more customers is expensive?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
