Question: You wish to estimate the current mean birth weight of all newborns in a certain region, to within 1 ounce (1/16 pound) and with 95% confidence. A sample will cost $400 plus $1.50 for every newborn weighed. You believe the standard deviations of weight to be no more than 1.25 pounds. You have $2,500 to spend on the study.
a. Can you afford the sample required?
b. If not, what are your options?