Assume That You Wish to Estimate a Population Proportion, P

question 16

Multiple Choice

Assume that you wish to estimate a population proportion, p. For the given margin of error and confidence level,determine the sample size required.
-You wish to estimate the proportion of shoppers that use credit cards. Obtain a sample size that will ensure a margin of error of at most 0.01 for a 95% confidence interval. It is deemed reasonable
To presume that of those sampled, the percentage using credit cards will be at least 56%.

• A)8519
• B)9466
• C)21,513
• D)16,338

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Definitions:

Total Output

The total quantity of goods or services produced by a firm, industry, or economy in a specific period.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.

Average Total Cost

The total cost of production divided by the total quantity produced, representing the cost per unit of output.

Average Variable Cost

The per-unit variable cost of production, calculated by dividing total variable costs by the quantity of output produced.