In the Equation for Calculating a Confidence Interval for a Proportion

question 49

Multiple Choice

In the equation for calculating a confidence interval for a proportion, p± z_a/2 $\sqrt { \frac { p ( 1 - p ) } { n } }$ , what does $\sqrt { \frac { p ( 1 - p ) } { n } }$ represent?

• A) the mean for the sampling distribution of the proportion
• B) the degree of freedom for the sampling distribution of the proportion
• C) the standard error for the sampling distribution of the proportion
• D) the estimator for sampling distribution of the proportion

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service relative to its market price, representing the economic benefit to consumers.

Demand Curve

A visual depiction that illustrates the correlation between a product's price and the amount consumers want to buy.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Total Utility

The total satisfaction or benefit obtained from consuming a given quantity of goods or services.