Solve the Problem. -Of 86 Adults Selected Randomly from One Town, 63 Have

question 102

Multiple Choice

Solve the problem.
-Of 86 adults selected randomly from one town, 63 have health insurance. Find a 90% confidence interval for the true proportion of all adults in the town who have health insurance.

• A)0.621 < p < 0.844
• B)0.654 < p < 0.811
• C)0.639 < p < 0.826
• D)0.610 < p < 0.855

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Definitions:

Price Floor

A government-imposed minimum price that can be charged for a good or service, intended to prevent prices from dropping too low.

Consumer Surplus

The differentiation between what consumers are prepared to expend on a good or service and the sums they actually do.

Supply Curve

An illustrated chart that demonstrates how the supply quantity relates to a good's price.

Producer Surplus

The discrepancy between what sellers are prepared to accept for a commodity and the real payment they secure from selling it at the prevailing market price.