In Past Years,approximately 25% of All U

question 9

Essay

In past years,approximately 25% of all U.S.families purchased potato chips at least once a month.We are interested in determining the fraction of all U.S.families that currently purchase potato chips at least once a month.How many families must we survey if we want to be 99% sure that our estimate of the fraction of U.S.families currently purchasing potato chips at least once a month is accurate within 2%?

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.

Trade Deficit

The economic condition that arises when a country imports more goods and services than it exports.

Unfair Trade Practices

Business activities deemed unjust, deceptive, or fraudulent that can affect fair competition in the market.

Self-Sufficiency

The ability of an individual or economy to meet all its needs without external assistance.