We Are Interested in Conducting a Study in Order to Determine

question 62

Multiple Choice

We are interested in conducting a study in order to determine the percentage of voters in a city who would vote for the incumbent mayor. What is the minimum sample size needed to estimate the population proportion with a margin of error not exceeding 4% at 95% confidence?

• A) 625
• B) 626
• C) 600
• D) 601

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Definitions:

Average Revenue

The revenue a firm receives per unit of output sold, calculated by dividing total revenue by the quantity of output.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, holding other factors constant.

Total Revenue

The total receipts or income a firm receives from the sale of its products or services, calculated as the unit price times the quantity sold.

Average Revenue

The amount of income that a company receives per unit of sale, calculated by dividing total revenue by the number of units sold.