Refer to Exercise 5.16. Suppose the mayor has reviewed the proposed survey and decides on the following changes:
a. If the level of confidence is increased to 99% with the average rent estimated to within $25, what sample size is required?
b. Suppose the budget for the project will not support both increasing the level of confidence and reducing the width of the interval. Explain to the mayor the impact on the estimation of the average rent of not raising the level of confidence from 95% to 99%.
REFERENCE:
5.16: The city housing department wants to estimate the average rent for rent-controlled apartments. They need to determine the number of renters to include in the survey in order to estimate the average rent to within $50 using a 95% confidence interval. From past results, the rent for controlled apartments ranged from $200 to $1,500 per month. How many renters are needed in the survey to meet the requirements?
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