Previous Research Indicates That 20% of Homeowners Do Not Carry

question 9

Multiple Choice

Previous research indicates that 20% of homeowners do not carry sufficient homeowners' insurance to adequately protect their investment.We wish to estimate the percentage of homeowners in a particular suburban area who do not have adequate insurance.How many homes should we sample if we desire a 95% confidence interval with a width of no more than 6%?

• A) 171
• B) 1068
• C) 267
• D) 683

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Definitions:

Purely Competitive Equilibrium

A market state characterized by a perfect match between supply and demand, resulting in an optimal distribution of resources without any single buyer or seller influencing the price.

Monopoly Equilibrium

The price and output level determined in a market where a single seller controls the entire supply of a good or service.

Level Of Output

The total quantity of goods or services produced by a firm or economy at a given time, often analyzed to assess economic performance or business productivity.

Graph

A visual representation of data, which showcases the relationship between two or more variables through lines, bars, or other symbols.