--%>
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 : Profit from cost structures and market

    When cost structures and the market demands facing each of the given types of firms were identical, in that case the greatest profits would be generated through a: (1) pure monopolist. (2) price discriminating monopolist. (3) perfectly competitive fir

    		•
  • Q : Problem on decline of demand The

    The automakers slashed prices and gave ‘zero percent financing’ throughout the year 2001-2003 recession. An expected outcome was: (1) The decline in the demand for utilized cars. (2) enhanced maintenance of older cars by their owners. (3) Buyers purchasing

    		•
  • Q : Barriers of entry with oligopoly market

    Barriers of entry tend to be important, and main industries dominated by some huge firms while the market structure is an: (w) monopoly. (x) perfect competition. (y) oligopoly. (z) cartel. Can anybody suggest me th

    		•
  • Q : Competition-Social Welfare Only the

    Only the purely competitive firm which is as well a price taker in the labor market maximizes the profit by employing labor where: (1) Quantity of the labor employed is maximized. (2) Average wage rate equivalents labor's marginal revenue product. (3) Average wage rat

    		•
  • Q : Estimate total fixed costs for

    Total fixed costs for such profit-maximizing firm equivalent: (1) 0bcq1. (2) 0adq2. (3) 0Peq2. (4) aPed. (5) Can't be measured in illustrated figure.

    Q : Effect of national income on Normal

    A possible demonstration for economy-wide rises in demands for such goods as latest cars and clothes would be that: (1) National income has risen. (2) The economy is fall into recession. (3) The prices of the goods go up. (4) Prices were cut for the c

    		•
  • Q : Market structure in an automotive

    What type of a market structure in an automotive industry?

    		•
  • Q : Right-to-Work Laws-Union membership Can

    Can someone help me in finding out the right answer from the given options. When it is illegal to need a union membership as the condition of employment for a firm, then the firm: (1) Needs all the employees to sign yellow dog contracts. (2) Can’t sign an agency

    		•
  • Q : Price ceiling If the government puts a

    If the government puts a rent ceiling of $650 a month, what is the rent paid and how many rooms are rented? Explain why?

    		•
  • Q : Definition of Corporate bonds I have a

    I have a problem in economics on Definition of Corporate bonds. Please help me in the following question. The corporate bonds are on an average, _____ than stocks to the investor and _____ then stocks to the issuing corporation. (1) Riskier; less of a risk (2) Riskier

    		•