TABLE 8-6 After an Extensive Advertising Campaign, the Manager of a Company

question 159

True/False

TABLE 8-6
After an extensive advertising campaign, the manager of a company wants to estimate the proportion of potential customers that recognize a new product. She samples 120 potential consumers and finds that 54 recognize this product. She uses this sample information to obtain a 95% confidence interval that goes from 0.36 to 0.54.
-Referring to Table 8-6, 95% of the time, the proportion of people that recognize the product will fall between 0.36 and 0.54.

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Definitions:

Express False Statement

An explicitly communicated untrue assertion, which can be a basis for a claim of deceit or fraud.

Mutual Mistake

An error shared by all parties to a contract, concerning a basic assumption on which the contract was based, that has a material effect on the agreed performance.

Standard-Size

Referring to items or products that are made to a specific, uniform set of dimensions or measurements to ensure consistency and compatibility.

Legal Assent

A mutual agreement under contract law wherein all parties involved acknowledge and adhere to the terms of a contract, making it legally binding.