Simple Random Sampling Has Been Used to Obtain a Sample

question 41

Essay

Simple random sampling has been used to obtain a sample of n = 40 elements from a population of N=300.The sample proportion
a.Estimate the standard error of the proportion.
b.Develop an approximate 95% confidence interval for the population proportion.

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Definitions:

Marginal Benefit

The increase in satisfaction or utility one gets from the consumption of an additional unit of any good or service.

Marginal Cost

The raised expense resulting from the production of one additional product or service unit.

Optimal Amount

The most efficient level or quantity of a good or service to achieve a specific goal or maximize utility.

Concentration Ratios

Measures that indicate the degree of market concentration by showing the market share of the largest firms in an industry.