If a Random Sample of 200 Items Is Taken from a Population

question 27

Multiple Choice

If a random sample of 200 items is taken from a population in which the proportion of items having a desired attribute is p = 0.30, what is the probability that the proportion of successes in the sample will be less than or equal to 0.27?

• A) 0.0841
• B) 0.1011
• C) 0.1912
• D) 0.1762

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Definitions:

Reference Value

A baseline number or set of numbers used for comparison purposes in analysis.

Differentiation Value

The unique attributes or benefits that make a product or service stand out from competitors in the eyes of consumers.

Unit Product Cost

The total cost (variable and fixed) incurred to produce, store, and sell one unit of a product.

Elastic Demand

Describes a market condition in which the demand for a product is sensitive to price changes.