Question

bonus question(optional) a manufacturer planning to test - market a a new product will not release the product to the public without a 70% favorable rating with a standard error of 0.01 for the test - market population. how many people must the manufacturer survey? ( just enter a whole number as your answer)
your answer

Explanation:

Step1: Recall the formula for sample size in proportion

The formula for the standard error of a proportion is \(SE=\sqrt{\frac{p(1 - p)}{n}}\), where \(p\) is the proportion and \(n\) is the sample size. We can re - arrange it for \(n\): \(n=\frac{p(1 - p)}{SE^{2}}\)

Step2: Substitute the values

Given \(p = 0.7\) (70% favorable rating) and \(SE=0.01\)

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Answer:

2100