A Confidence Interval Was Used to Estimate the Proportion of Statistics

question 19

Multiple Choice

A confidence interval was used to estimate the proportion of statistics students who are female. A random sample of 72 statistics students generated the following confidence interval: (.438, .642) .
Using the information above, what sample size would be necessary if we wanted to estimate the true proportion to within 3% using 99% reliability?

• A) 1769
• B) 1842
• C) 1916
• D) 1831

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Definitions:

Output

The amount of product or service produced by a company, industry, or economy within a specific period.

Average Variable Cost

The sum of all variable production costs divided by the number of units produced.

Profit-Maximizing

The strategy or process by which a company determines the price and output level that generates the most profit.

Mutual Interdependence

A condition in which entities are mutually reliant on each other, commonly seen in markets where actions of one firm significantly affect others.