9-30. Past surveys reveal that 30 percent of tourists going to Las Vegas to gamble during a
weekend spend more than $1,000. Management wants to update this percentage.
a. The new study is to use the 90 percent confidence level. The estimate is to be within 1
percent of the population proportion. What is the necessary sample size?
b. Management said that the sample size determined above is too large. What can be done
to reduce the sample? Based on your suggestion recalculate the sample size.
The solution provides step by step method for the calculation of sample size . Formula for the calculation and Interpretations of the results are also included.