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In a preliminary study of 45 customers, we ask how much they would pay for an...

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Statistics

In a preliminary study of 45 customers, we ask how much theywould pay for an upgrade to their water filtration system; for thissample, the average price is 35 with a variance of 400. How manycustomers would we need to contact in order to be 80% confidentthat the estimated price will be within 2 euro of the trueprice?

Answer & Explanation Solved by verified expert
3.8 Ratings (418 Votes)
Solution The sample size needed to estimate the population mean within Eof the true mean with 80 confidence level is given as followsWhere    See Answer
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