Determine whether more people prefer coke or pepsi/Managerial Accounting
Question:
In this week’s reading, we discussed different types of samples, their distributions, sampling errors, probabilities, and confidence intervals. Using the appropriate support tool, sequence, and equations, complete Problem 33 in Chapter 8 on page 351.
Problem 8-33. You have been assigned to determine whether more people prefer Coke or Pepsi. Assume that roughly half the population prefers Coke and half prefers Pepsi. How large a sample do you need to take to ensure that you can estimate, with 95% confidence, the proportion of people preferring Coke within 2% of the actual value? Show work.
REFERENCE
Albright, S. C, & Winston, W. L. (2017). Business Analytics: Data Analysis and Decision Making (6th ed.). Boston, MA: Cengage Learning
Chapter 7: Sampling and Sampling Distributions
Chapter 8: Confidence Interval Estimation
Chapter 9: Hypothesis Testing
