Hoping to attract more shoppers,a city is planning to build a new public parking garage downtown.The city plans to pay for the structure through parking fees.The consultant,who is advising the city on this project,has selected a simple random sample of 44 weekdays and calculated the average amount in fees collected from neighboring parking structures.The sample mean was $967.Which of the following scenarios would lead to the smallest margin of error?
A)Sample fewer days,so that the sample mean may be lower than $967 and the margin of error will be smaller as well.
B)Sample fewer days-a smaller sample size will automatically lead to a smaller margin of error.
C)Sample more days-with more days we have more data and our estimate is expected to be more accurate,leading to a smaller margin of error.
D)Stay with a sample size of 44 days-this sample size was used for a reason,which was most likely to reduce the margin of error.

Question

Quizplus · Accepted Answer

Sampling more days increases the sample size, which generally leads to a more accurate estimate of the population mean. This accuracy is reflected in a smaller margin of error, as the estimate is based on more data points, making it more reliable.

Hoping to Attract More Shoppers,a City Is Planning to Build