The Manager of an Orchard Expects About 70% of His

question 697

Multiple Choice

The manager of an orchard expects about 70% of his apples to exceed the weight requirement for
"Grade A" designation. At least how many apples must he sample to be 90% confident of
Estimating the true proportion within ±4%?

• A) 89
• B) 19
• C) 23
• D) 356
• E) 505

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Definitions:

Bananas

A curved, yellow fruit rich in potassium and dietary fiber, commonly consumed worldwide.

Utility Function

A mathematical representation of a consumer's preference structure for ranking different bundles of goods based on the satisfaction they provide.

Income Offer Curve

A graphical representation depicting how an individual's optimal bundle of goods changes as their income changes, keeping prices constant.

Utility Function

A mathematical representation of an individual's preference ordering over a set of goods or outcomes.