29 Jul HOW LARGE OF A SAMPLE SHOULD THEY TAKE?
Question 1
A group of investors wants to develop a chain of fastfood restaurants. In
determining potential costs for each facility, they must consider, among other
expenses, the average monthly electric bill. They decide to sample some
fastfood restaurants currently operating to estimate the monthly cost of
electricity. They want to be 99% confident of their results and want the error
of the interval estimate to be no more than $100. They estimate that such bills
range from $600 to $2,500. How large of a sample should they take?
Question 3
Where do CFOs get their money news? According to Robert Half International,
47% get their money news from newspapers, 15% get it from
communication/colleagues, 12% get it from television, 11% from the internet, 9%
from magazines,5% from radio, and 1% do no tknow. Suppose a researcher wants to
test these results.She randomly samples 67 CFOs and finds that 40 of them get
their money news from newspapers. Does the test show enough evidence to reject
the findings of Robert Half International? Use a = .05. Make sure you clearly
state both the null and the alternative hypotheses in full sentences. Following
your calculations, clearly state the conclusion in the same manner (do not
simply say “accept/reject null”) and explain how you arrived at this conclusion (based on which metrics).
Please show work
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