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Decision Modelling and Analysis_Assignment 3

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Q You have been assigned to determine whether more people prefer Coke or Pepsi. Assume that roughly half the population prefers Coke and half prefers Pepsi. How large a sample do you need to take to ensure that you can estimate, with 95% confidence, the proportion of people preferring Coke within 2% of the actual value? Show work.

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This assignment instructs to find out the sample size for conducting a study. The following is the sample size formula for estimating the difference between two proportions: n = (z multiple / B)2 [p1 (1- p1) + p2 (1- p2)]......................................... [1] (Christian Albright, 2017) Where, B: half-length of interval p1: the value of the first proportion p2: the value of the second proportion It is given that roughly half of the population prefers Coke and the other half prefers Pepsi.