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:

Marginal Cost

The cost of producing one additional unit of a good or service, a concept that is crucial in economic decision-making and pricing strategies.

Cost Function

A mathematical relationship that outlines how production costs depend on the quantity of output produced.

Demand Curve

A visual diagram that illustrates the connection between a product's price and the amount consumers want to purchase.

Monopolist

A single seller in a market who has significant control over the price and supply of a particular good or service, facing no competition.