It costs you $10 to draw a sample of size n = 1 and measure the attribute of interest. You have a budget of $1,200.
a. Do you have sufficient funds to estimate the population mean for the attribute of interest with a 95% confiden ceinterval 4 units in width? Assume that σ = 12.
b. If a 90% confidence level were used, would your answer to part a change? Explain.
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