SCENARIO 18-2
a Political Pollster Randomly Selects a Sample of 100

question 18

Multiple Choice

SCENARIO 18-2
A political pollster randomly selects a sample of 100 voters each day for 8 successive days and asks
how many will vote for the incumbent. The pollster wishes to construct a p chart to see if the
percentage favoring the incumbent candidate is too erratic. $$\begin{array} { c c } \begin{array} { c } \text { Sample } \\\underline{\text { (Day) }}\end{array} & \begin{array} { c } \text { Number Favoring } \\\underline{\text { Incumbent Candidate }}\end{array} \\ 1 & 57 \\2 & 57 \\3 & 53 \\4 & 51 \\5 & 55 \\6 & 60 \\7 & 56 \\8 & 59\end{array}$$
-Referring to Scenario 18-2, what is the numerical value of the upper control limit for the p chart?

• A) 0.92
• B) 0.89
• C) 0.71
• D) 0.62

---

Definitions:

Total Revenues

The full revenue obtained from the sale of goods or services, before taking out any expenditures.

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

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

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.