It Is Know That 40% of Voters in a Certain

question 54

Multiple Choice

It is know that 40% of voters in a certain electorate are in favour of a particular candidate. If a sample of size 30 is taken, what is the probability that less than 35% are in favour of this political candidate?

• A) 40%
• B) Less than 0.10%
• C) 28.77%
• D) None of these choices are correct.

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Definitions:

Perfectly Elastic

Perfectly elastic describes a situation in market demand where consumers will only buy at one price and any deviation from this price leads to zero demand for the good or service.

Economic Profits

The difference between a firm’s total revenue and its total costs, including both explicit and implicit costs.

Exiting

The process of leaving or withdrawing from a particular situation, status, or location, often used in the context of businesses or markets.

Perfectly Competitive Market

A market structure characterized by infinite buyers and sellers, freedom of entry and exit, and perfect information, where no single entity can influence the market price.