Before Giving a Standardized Exam to a Very Large Group

question 33

Short Answer

Before giving a standardized exam to a very large group of students, a professor tested it on a sample of 90 students, 50 of whom achieved an acceptable standard. If the professor wants to generalize the results to all students who will take the exam, compute a 95% confidence interval for the proportion of students who will likely meet an acceptable standard.

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Definitions:

Payoff

The return or reward received from an investment or action, often analyzed in game theory and economics.

Proportion

A portion, fraction, or quantity that is seen in contrast to the entire entity.

Equilibrium

A condition or state where all acting influences are balanced, particularly in a market when supply equals demand.

Penalty Kick

A penalty kick in economics might refer metaphorically to an opportunity to score or gain significantly with little opposition, though it's primarily a sports term.