Which store do you think is more expensive-physical or online? A recent survey (USA Today, December 10, 2012, p. 1B) found that 46% of people aged 20 to 40 thought that physical stores were more expensive.
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 people aged 20 to 40 needs 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 people aged 20 to 40 needs to be sampled?
c. Compare the results of (a) and (b).