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The Food Marketing Institute shows that 16% of households spend more than $100 per week on groceries. Assume the population proportion is p = 0.16 and a sample of 600 households will be selected from the population. Use z-table.
a) Calculate the standard error of the proportion of households spending more than $100 per week on groceries (to 4 decimals).
The answer I got for a was 0.149 using the sqrt function on excel. Is this correct?
b) What is the probability that the sample proportion will be within +/- 0.02 of the population proportion (to 4 decimals)?
c) What is the probability that the sample proportion will be within +/- 0.02 of the population proportion for a sample of 1,500 households (to 4 decimals)?
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