QUESTION 3 Toyota provides an option of a sunroof and side airbag package for its Corolla model. This package costs $1400. Assume that prior

Question

QUESTION 3 Toyota provides an option of a sunroof and side airbag package for its Corolla model. This package costs $1400. Assume that prior to offering this option package, Toyota wants to determine the percentage of Corolla buyers who would pay $1400 extra for the sunroof and side airbags. How many Corolla buyers must be surveyed if we want to be 95% confident that the sample percentage is within four percentage points of the true percent all Corolla buyers

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Thu Hương 4 years 2021-07-22T15:22:27+00:00 1 Answers 21 views 0

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  1. RuslanHeatt
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    2021-07-22T15:24:01+00:00
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    Answer:

    n=601

    Step-by-step explanation:

    Formula used:

    n=z(\frac{\alpha }{2})^2\frac{p(1-p) }{E^2}

    Solution:

    n=z(\frac{\alpha }{2})^2\frac{p(1-p) }{E^2}

    Where,

    \frac{\alpha }{2}=0.025

    As there is no previous estimate for p

    Then, p=0.5

    Here on using the table

    z(\frac{\alpha }{2}) =1.959963985

    Also,

    E=0.04

    p=0.5

    Thus,

    n=600.2279407

    On approximating the value,

    n=601

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