Past surveys reveal that 30% of tourists going to Las Vegas to gamble spend more than $1,000. The Visitor’s Bureau of Las Vegas wants to update this percentage.
a. How many tourists should be randomly selected to estimate the population proportion with a 99.9% confidence level and a 1% margin of error?
b. The Bureau feels the sample size determined above is too large. What can be done to reduce the sample? Based on your suggestion, recalculate the sample size.