--%>
Assignment Help - homework help

Define Optimal Sample Size

Optimal Sample Size: The optimal or suitable size of sample in a survey or poll is the function of four discrete factors:

1. Size of the population: The size of the source population matters a lot. Usually, as the needed sample gets bigger the source population rises, apart from it will raise at a declining rate. Likewise, as the source population gets smaller, special adjustments have to be made.

2. Segmentations desired: Usually, we analyze the source population as an entire, however sometimes one might want to make sure it is representative of the demographic or other distributions in the source population. The more you wish for to segment the outcomes, the larger the sample might require to be.

3. Degree of variance in responses from the population: If the respondents' responses tend to be tightly clustered, then we do not require to sample as many people to acquire the same confidence as we would when the responses range broadly. However until we do some surveying and analyze the data, we won’t know the variance. In such cases, we should set a conservative assumption about the variance.

4. Tolerance for error: The more confident you want to be about the results, the larger the sample.

   Related Questions in Microeconomics

  • Q : Earn high incomes in purely competitive

    Into a purely competitive market economy, people along with rare and valuable talents would earn high incomes due to: (w) monopsonistic exploitation. (x) interest maximization. (y) economic rent. (z) transfer payments.

    Q : Unimportant economies of scale If

    If comparing market structures, when economies of scale are unimportant: (w) the most efficient form of market structure is a pure monopoly. (x) purely competitive industries and price discriminating monopolies are equally efficient. (y) price discrim

    		•
  • Q : Existence of Economies of Scale I have

    I have a problem in economics on Existence of Economies of Scale. Please help me in the following question. Economies of the scale exist whenever, as output is raised: (i) Average costs increase. (ii) Explicit costs increase relative to the value of output. (iii) Aver

    		•
  • Q : Oligopoly output control by

    An industry dominated by some consciously interdependent firms which control most of its output is an: (1) uncontestable market. (2) oligopoly. (3) illegal conspiracy. (4) unnatural monopoly. (5) entrepreneurial cartel. Can someone

    		•
  • Q : Interest Rate Reinvestment Risk Explain

    Explain the term Interest Rate Reinvestment Risk in detail?

    		•
  • Q : Economic theories Economic theories: A)

    Economic theories: A) are useless because they are not based on laboratory experimentation. B) that are true for individual economic units are never true for the economy as a whole. C) are generalizations based on a careful observation of facts. D) are abstractions an

    		•
  • Q : Example of perfectly price inelastic A

    A candy factory now produced 5.2 million packages of gummy worms as well as sold them for $1.27 each this annum. Last year this sold 4.7 million packages of gummy worms sold for $1.36 each. That firm’s gummy worms have demand which is: (1) perfe

    		•
  • Q : Elasticity of supply when product

    Since the supply of land is fixed, then the: (w) demand for land is absolutely horizontal. (x) supply of land is completely elastic. (y) demand for land is absolutely vertical. (z) supply of land is perfectly inelastic.

    Q : Arising of natural monopolist Natural

    Natural monopolies arise due to: (w) artificial barriers to entry. (x) contestable markets. (y) price discrimination. (z) natural barriers to entry. I need a good answer on the topic of Economics p

    		•
  • Q : Meaning of Caveat emptor I have a

    I have a problem in economics on Meaning of Caveat emptor. Please help me in the following question. Caveat emptor signifies: (i) Let the seller beware! (ii) Everything else held steady. (iii) Let things modify if they should. (iv) Charge whatever the market will allo

    		•