Use the Central Limit Theorem to Find the Indicated Probability $\hat { p }$

question 1

Multiple Choice

Use the Central Limit Theorem to find the indicated probability. The sample size is n , the population proportion is $\hat { p }$ , and the sample proportion is
$n=117, p=0.83 ; P(0.79<\hat{p}<0.88)$

• A) 0.0749
• B) 0.1251
• C) 0.9251
• D) 0.8000

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Definitions:

Consumer Surplus

The difference between the maximum amount consumers are willing to pay for a good or service and the actual price they pay, measuring the benefit consumers receive from purchasing at a lower price.

Producer Surplus

The difference between the amount that producers are willing and able to supply a good for and the amount they actually receive due to market conditions.

Acceptable Price

The price level at which a buyer views the cost of a product or service as reasonable, taking quality and utility into account.

Willing To Pay

Willing to pay is the maximum amount that a consumer is prepared to spend on a good or service.