In Order to Determine the Summer Unemployment Rate Among College

question 77

Short Answer

In order to determine the summer unemployment rate among college students, a pilot sample was taken; and it was determined that ten percent of the individuals in the sample were unemployed. Using the results of the pilot study and a 95% confidence, what size sample would be required to estimate the proportion of unemployed college students if we want the margin of error not to exceed 3 percent?

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Definitions:

Utility Maximization

An economic principle where consumers attempt to get the greatest satisfaction possible from their available resources.

Demand Schedule

A table of numbers showing the amounts of a good or service buyers are willing and able to purchase at various prices over a specified period of time.

Utility Maximization

Utility Maximization is the economic principle that individuals or firms seek to achieve the highest satisfaction or benefit from their resources.

Marginal Utility

The extra contentment or usefulness experienced by consuming one more unit of a good or service.