Solve the Problem. -Of 346 Items Tested, 12 Are Found to Be Defective

question 132

Multiple Choice

Solve the problem.
-Of 346 items tested, 12 are found to be defective. Construct the 98% confidence interval for the proportion of all such items that are defective.

• A)0.0154 < p < 0.0540
• B)0.0118 < p < 0.0576
• C)0.0345 < p < 0.0349
• D)0.0110 < p < 0.0584

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Definitions:

Monopolistically Competitive

In a monopolistically competitive market, many firms sell products that are similar but not identical, allowing for competition based on quality, price, and branding.

Long-Run Equilibrium

A state in economics where all factors of production are fully adjusted to market conditions, leading to a steady state where no incentives exist for further adjustment.

Demand Curve

A graphical representation that displays the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.