In Estimating a Population Proportion, the Factors That Are Needed

question 67

True/False

In estimating a population proportion, the factors that are needed to determine the required sample size are the confidence level, the margin of error and some idea of what the population proportion is.

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Definitions:

Substitutes

Products or services that can be used in place of each other based on their utility.

Price Elasticity

Price elasticity measures how the quantity demanded of a good is affected by a change in its price, with high elasticity indicating sensitivity to price changes.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period.

Elastic

Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.