SCENARIO 8-8 the President of a University Would Like to Estimate the Estimate

question 48

True/False

SCENARIO 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.
-True or False: Referring to Scenario 8-8, a 99% confidence interval will contain 99% of the
student population who own a personal computer.

---

Definitions:

Surplus Amount

The excess quantity of a product that occurs when the supply of the product exceeds the demand for it at a given price.

Consumer Surplus

A measure of the difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Price

The price one must pay to obtain a service or product.

Surplus Amount

The excess of revenues over expenditures in a budget, or inventory beyond what is currently needed.