Question

In a marketing survey, a random sample of 980 supermarket shoppers revealed that 272 always stock...

In a marketing survey, a random sample of 980 supermarket shoppers revealed that 272 always stock up on an item when they find that item at a real bargain price.

(a) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p. (Use 3 decimal places.)


(b) Find a 99% confidence interval for p. (Use 3 decimal places.)

lower limit
upper limit


(c) What is the margin of error based on a 99% confidence interval? (Use 3 decimal places.)

Math   Statistics-And-Probability   
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Answer #1

Answer:

Given that:

In a marketing survey, a random sample of 980 supermarket shoppers revealed that 272 always stock up on an item when they find that item at a real bargain price.

a.) Let p represent the proportion of all supermarket shoppers who always stock up on an item when they find a real bargain. Find a point estimate for p

b.) Find a 99% confidence interval for p.

Critical value at 99% confidence Interval:(Zα/2)=2.576 (using Standard Normal Table)

99% confidence Interval is given as

c) What is the margin of error based on a 99% confidence interval?

Margin of Error:

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