A Sample of 500 Voters Was Surveyed; 400 Said They

question 124

Multiple Choice

A sample of 500 voters was surveyed; 400 said they favored a bond issue and 100 said they opposed it.Based on these sample data, estimate at the 95 percent confidence level the proportion in the population that likely favors the bond issue.

• A) .77 to .83
• B) .78 to .82
• C) .79 to .81
• D) .75 to .85

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Definitions:

Consumer Equilibrium

A state in which a consumer has allocated their income in a way that maximizes their total utility, given the prices of goods and services.

Total Utility

The total satisfaction received from consuming a particular quantity of goods and services.

Indifference Curve

A graph representing combinations of two goods or services among which a consumer is indifferent, showing preference levels.

Optimal Consumption

The mix of goods and services that maximizes consumer utility or satisfaction given their budget constraints.