In a Small Town, There Are 3,000 Registered Voters

question 48

Short Answer

In a small town, there are 3,000 registered voters. An editor of a local newspaper would like to predict the outcome of the next election; in particular, he is interested in the likelihood that Eli Brady will be elected. The editor believes that Eli, a local hero, will garner 54% of the vote. A poll of 500 registered voters is taken.
Assuming that the editor's belief is true, calculate:
A) The expected value and the standard deviation (standard error) of the sample proportion.
B) The probability that the sample proportion score is more than 0.58.

• A) The expected value and the standard deviation (standard error) of the sample proportion.
• B) The probability that the sample proportion score is more than 0.58.

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Definitions:

Income

The financial gain received by an individual or entity, typically measured over a certain period, resulting from labor, investments, or other sources.

Prices

The amount of money required to purchase a good, service, or asset, often determined by factors such as supply and demand, production costs, and market competition.

Utility Function

A mathematical representation in economics that captures the satisfaction or utility a consumer derives from consuming goods or services.

Butter

A dairy product made from churning cream or milk, containing a high percentage of fat and used as a spread or in cooking.