A Confidence Interval Was Used to Estimate the Proportion of Statistics

question 72

Multiple Choice

A confidence interval was used to estimate the proportion of statistics students who are
Females.A random sample of 72 statistics students generated the following 90% confidence
Interval: (0.438, 0.642) .Based on the interval above, is the population proportion of females
Equal to 0.60?

• A) No, and we are 90% sure of it.
• B) No.The proportion is 54.17%.
• C) Maybe.0.60 is a believable value of the population proportion based on the information above.
• D) Yes, and we are 90% sure of it.

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Definitions:

Formal Agreement

refers to a legally binding contract between parties that outlines specific obligations and rights.

Covert Collusion

A secret agreement between firms to fix prices, limit production, or engage in other practices to restrict competition illegally.

Kinked Demand Curve Model

An economic model suggesting that price competition among firms may be rigid because a firm raising its price does not lead to competitors following suit, while price decreases are matched. This results in a demand curve with a kink.

Marginal Revenue Curve

A graphical representation that shows the change in total revenue resulting from selling one additional unit of a good or service.