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Stats: Checking if margin of error is correct?
If there was a survey of 1015 people and half indicated that would purchase a certain product. The margin of error is 3.1 percent. How do I check to see if the margin for error is accurate?
Or is it even possible?
1 Answer
- paramvenuLv 78 years agoFavorite Answer
In absence of specific information, 95% level of confidence can be assumed.
Margin of error = confidence coefficient*standard error of p
sample proportion = p = 1/2 or 0.5
standard error of p = sqrt (p*(1-p)/n)
= sqrt (0.5*0.5/1015)
= 0.0157
confidence coefficient = z-score for 95% confidence
= 2 when empirical rule is followed
= 1.96 when z-score chart is used
a) Margin of error = 2*0.0157 = 0.0314 or 3.14%
b) Margin of error = 1.96*0.0157 = 0.0308 or 3.08% or 3.1%
The margin of error given is CORRECT AND ACCURATE
