Use the Given Degree of Confidence and Sample Data to Construct

question 170

Multiple Choice

Use the given degree of confidence and sample data to construct a confidence interval for the population proportion p.
-A survey of 300 union members in New York State reveals that 112 favor the Republican candidate for governor. Construct the 98% confidence interval for the true population proportion of all New York State union
Members who favor the Republican candidate.

• A) 0.316 < p < 0.430
• B) 0.301 < p < 0.445
• C) 0.308 < p < 0.438
• D) 0.304 < p < 0.442

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Definitions:

Cost of Goods Sold

An expense recorded on the income statement that reflects the total cost of producing or purchasing the goods that a company has sold during a specific period.

Cost of Goods Sold

Represents the total cost of all goods that were sold over a specific period, including the costs associated with production or purchase.

Gross Profit

The difference between revenue and the cost of goods sold (COGS), indicating the efficiency of a company in using its labor and supplies.

Net Sales

Revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and any discounts offered.