Use the Following to Answer Questions

question 4

Short Answer

Use the following to answer questions :
In a recent Gallup poll,52% of parents with children under 18 years of age gave themselves a grade of B for the job they are doing bringing up their kids.Assume that this percentage is true for the current population of all parents with children under 18 years of age.You take a random sample of 1044 such parents and ask them to give themselves a grade for the job they are doing bringing up their kids.
-The probability that 550 or less will give themselves a grade of B is approximately: (Round the answer to 4 decimal places.)

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Definitions:

Profit-maximizing Output

The level of output at which a company achieves the highest possible profit, where marginal cost equals marginal revenue.

Marginal Cost

The cost escalation resulting from the creation of one additional unit of a good or service.

Lawn-mowing

The process of cutting the grass in a yard or field to a uniform length, typically using a manual, electric, or gas-powered lawn mower.

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a short period.