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Physicians a Random Sample of 200 Physicians Shows That There

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Physicians
A random sample of 200 physicians shows that there are 36 of them who make at least $400,000 a year. ​ ​
-{Physicians Narrative} Construct a 99% confidence interval estimate of the population proportion of physicians who make at least $400,000 a year,and explain how to use it to test the hypotheses.


Definitions:

Equilibrium Price

The equilibrium price is the market price at which the quantity of goods supplied equals the quantity demanded, leading to a balance in the market.

Market

A space or system in which parties engage in exchange, buying and selling goods and services.

Price

The monetary total projected, essential, or disbursed as payment for an item.

Equilibrium Price

The price in the market where the amount of goods available matches the amount of goods people want to buy.

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