A University Dean Is Interested in Determining the Proportion of Students

question 58

Short Answer

A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examine the records for all students, the dean randomly selects 200 students and finds that 118 of them are receiving financial aid. Use a 90% confidence interval to estimate the true proportion of students who receive financial aid. A) $.59 \pm .057$
B) $.59 \pm .002$
C) $.59 \pm .398$
D) $.59 \pm .004$

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Definitions:

Marginal Cost

The cost of producing one additional unit of a good or service, a concept that is crucial in economic decision-making and pricing strategies.

Cost Function

A mathematical relationship that outlines how production costs depend on the quantity of output produced.

Demand Curve

A visual diagram that illustrates the connection between a product's price and the amount consumers want to purchase.

Monopolist

A single seller in a market who has significant control over the price and supply of a particular good or service, facing no competition.