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The Bureau of Labor Statistics is planning the next yearly survey to determine the average cost of a summer vacation for a US family.

The following standards have been set: a confidence level of 95% and an error of less than $100. Past research has indicated that the standard deviation should be $656.

What is the required sample size?

What would happen to your results if you use a sample smaller than the required sample size?

What would be the required sample size if the BLS standards specify a 99% confidence level instead?

(You can either do the calculations on your own, or use the "Calculating required sample size" Excel template).

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M93136385

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