Use the Given Degree of Confidence and Sample Data to Construct

question 42

Multiple Choice

Use the given degree of confidence and sample data to construct a confidence interval for the population proportion p. $n = 195 , x = 162 ; 95 \%$ confidence

• A) \(0.778 < p < 0.883\)
• B) \(0.788 < p < 0.873\)
• C) \(0.789 < p < 0.873\)
• D) \(0.777 < p < 0.884\)

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Definitions:

Inferior Goods

Goods for which demand decreases as consumer income rises, in contrast to normal goods, where demand increases with higher incomes.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

Quantity Supplied

The total amount of a specific good or service that is available to consumers at a given price point and time.

Ice Cream

A sweet, frozen dessert made from a combination of dairy products, sweeteners, and flavorings.