N. Jones, CPA, is performing a sampling application to determine the average number of patrons attending the performance of a musical on a weeknight. She randomly selects five weeknight performances during the month of May and calculates an average of 230 patrons per performance with an associated precision of 25 patrons. This precision is determined based on a confidence level of 95 percent.
A. What is Jones’s exposure to sampling risk?
B. What is the precision interval associated with Jones’s sample?
C. Provide an explanation of the sampling interval calculated in (b).
D. If theaters needed an average attendance of 200 patrons per weeknight to remain profitable, what would Jones’s conclusion be with respect to this question?
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