A biotechnology firm is planning its investment strategy for future products and research labs. A poll found that 5% of a random sample of 1019 adults approved of attempts to clone a human.
a. Find the margin of error for this poll if we want 99% confidence in our estimate of the percent of adults who approve of cloning humans.
b. Explain what that margin of error means.
c. If we only need to be 90% confident, will the margin of error be larger or smaller?
d. Find the margin of error.
e. In general, if all other aspects of the situation remain the same, would smaller samples produce smaller or larger margins of error?