Personal data are the new currency of the digital economy. How do consumers feel about sharing personal data with their communication service providers (CSPs)? A recent IBM report highlights that 40% of 18- to 25-year-old consumers are comfortable sharing personal data with their CSPs.

a. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ± 0.03 of the population proportion, how many 18- to 25-year-old consumers need to be sampled?

b. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ± 0.05 of the population proportion, how many 18- to 25-year-old consumers need to be sampled?

c. Compare the results of (a) and (b).