Business, 11.05.2021 20:30 geezelouise808

Suppose there is a very tight political race and we want to gauge support for candidate A. Let Mn = 1/n Σ Xi denote the proportion of polled people supporting candidate A and let p denote the true proportion. Further suppose we want to poll enough people to ensure that we are within ±1% of 95% of the time. Stated mathematically, we would like to find n such that:

P(Mn - p > 0.01) < 0.05 (1) when E(Xi) = p.

Required:
a. Show that the variance of Bernoulli(p) is maximized when p=0.5.
b. Using the worst-case variance from part a) and a Normal approximation, find the n such that (1) is satisfied.
c. Again using the worst-case variance, use Chebychev's inequality to find a bound for n.

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Suppose there is a very tight political race and we want to gauge support for candidate A. Let Mn =...