Solve the Problem $( 0.688,0.724 )$ Use These Confidence Interval Limits to Find the Point

question 110

Multiple Choice

Solve the problem.
-The following confidence interval is obtained for a population proportion, p: $( 0.688,0.724 )$ . Use these confidence interval limits to find the point estimate, $\hat { p }$ .

• A) 0.724
• B) 0.688
• C) 0.708
• D) 0.706

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Definitions:

Producer Surplus

The difference between the amount that a producer is actually paid for a good compared to the minimum amount they would be willing to accept for the good.

Elasticity of Demand

A measure of how much the demand for a product changes in response to a change in the price of that product.

Deadweight Loss

The inefficiency in economics that emerges when there is a failure to achieve or an inability to achieve equilibrium for any good or service.

Bread

A staple food made from dough of flour and water, usually by baking, and a common component of many diets worldwide.