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TABLE 8-8
The president of a university would like to estimate the proportion of the student population that owns a personal computer. In a sample of 500 students, 417 own a personal computer.
-Referring to Table 8-8, we are 99% confident that the mean numbers of student population who own a personal computer is between 0.7911 and 0.8769.
Objectivity
The practice of maintaining impartiality and neutrality, avoiding bias or subjective influences in judgments and analyses.
Scientific Method
A systematic process for conducting research and experimentation, involving the observation, hypothesis formation, experimentation, and the analysis of data to draw conclusions.
Economics
Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.
Experiments
Scientific procedures undertaken to make a discovery, test a hypothesis, or demonstrate a known fact.
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