I'm trying to see if I'm applying the Sample Size concept correctly to my problem.
I have a survey where 20,000 people replied for a population size of 4,000,000. The question asked which product they like: 44% liked product A, 6% liked product B, and 50% liked product C.
So, a sample size of 20,000, a population size of 4,000,000, and a confidence level of 95% gives a 0.69% margin of error.
So, 1,200 people out of the 20,000 survey respondents said they liked product B.
Is it fair to say that out of the 4,000,000 population size that 240,000 will like product B?
Thank you in advance for any feedback or comments!