Question

For this problem, carry at least four digits after the decimal in your calculations. Answers may vary slightly due to rounding. In a marketing survey, a random sample of 1020 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. (Enter a number. Round your answer to four decimal places.) (b) Find a 95% confidence interval for p. (For each answer, enter a number. Round your answers to three decimal places.) lower limit upper limit Give a brief explanation of the meaning of the interval. 95% of all confidence intervals would include the true proportion of shoppers who stock up on bargains. 5% of all confidence intervals would include the true proportion of shoppers who stock up on bargains. 5% of the confidence intervals created using this method would include the true proportion of shoppers who stock up on bargains. 95% of the confidence intervals created using this method would include the true proportion of shoppers who stock up on bargains. (c) As a news writer, how would you report the survey results on the percentage of supermarket shoppers who stock up on items when they find the item is a real bargain? Report the margin of error. Report p̂. Report the confidence interval. Report p̂ along with the margin of error. What is the margin of error based on a 95% confidence interval? (Enter a number. Round your answer to three decimal places.)

Answer 1