Suppose you want to conduct a study of dog owners to examine how much they paid for dog food and treats over the past year.

Suppose you want to conduct a study of dog owners to examine how much they paid for dog food and treats over the past year. Your research teamdesires the error (E) to be no larger than $35 and expects that the standard deviation will be $300.

 

(a) Based on a 95% confidence level, calculate theminimum sample size that would limit the error to $35. Show the steps to your work.

 

(b) Suppose your budget limited the sample size to a maximum of 100 participants. If you wish to use a 95% confidence level, what would be themagnitude of potential error in this study? Assume the standard deviation is still $300.

 

(c) Suppose the standard deviation isactually higher in$300 in reality. Would this be a reason to increase or decrease the sample size? Explain.

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