If a retailer would like to estimate the proportion of their customers who bought an item after viewing their website on a certain day with a 95% confidence level and 5% margin of error, with no preliminary estimate of proportion known, how many customers do they have to monitor? 384 385 10 9
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The formula is: n = (Z^2 * p * (1-p)) / E^2 where: n = sample size Z = Z-score (for a 95% confidence level, Z = 1.96) p = estimated proportion (since no preliminary estimate is given, we use 0.5 as it provides the maximum possible sample size) E = margin of Show more…
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If a retailer would like to estimate the proportion of their customers who bought an item after viewing their website on a certain day with a 90% confidence level and 5% margin of error; with no preliminary estimate of proportion known, how many customers do they have to monitor? 270 8 271
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(a).If a retailer would like to estimate the proportion of their customers who bought an item after viewing their website on a certain day with a 95% confidence level and 5% margin of error, how many customers do they have to monitor? (b). If, however they know from previous studies that they would expect a conversion rate of 5%, then what is sample size?
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